Long time lurker, first time poster. Questions!

brighton_9

Deleted thread

whitewing

Hiya J,

Sleepless night?

The first thing to do is to visit www.makesenseofcards.co.uk and do a statement of affairs, which you can then post on this thread. This way of showing income vs outgoings is easy for the regulars to look at and comment on.

brighton_9

whitewing wrote: »

Hiya J,

Sleepless night?

The first thing to do is to visit www.makesenseofcards.co.uk and do a statement of affairs, which you can then post on this thread. This way of showing income vs outgoings is easy for the regulars to look at and comment on.

Hey, thanks for that
I updated my post, pressed enter before I finished it!

methusala_2

hmmmmmm
0 income and 100 per month on entertainment ??? methinks this post needs moving to debt free neverbe section.

elantan

methusala wrote: »

hmmmmmm
0 income and 100 per month on entertainment ??? methinks this post needs moving to debt free neverbe section.

absolutley no need to be nasty

methusala_2

hi Elantan,
Wasn't meant to be nasty, was really a messsage to OP that with 0 income, spending 100 a month on entertainment is not a serious attempt to help clear his debts.

elantan

i understand what you are saying and you have a valid point it just seemed like you were trying to be nasty ...i apologise

sammy115

Not sure i can be much help in how to repay your debts BUT have you done a cashflow for your new business.

You say that in two to three months this business will take off and that you will be comfortably be able to repay your debts. How? There are lots of rules and regs about how much money you can take out of a ltd company. You also need to think about your corporation tax, your PAYE etc etc.....

Your first business failed due to lack of planning it seems....don't let the second one go the same way.

sammy115

sorry to answer a bit more of your question - if you are bankrupt you cannot be a director of a ltd company. You can hold shares but not be a director.

You would be better off trying not to go bankrupt if you can help it. Are you getting any advice from an accountant - there are certain ways of running your company that could be beneficial but it is not like a sole trader where you can take money out as and when you want to, you must be careful.

What you need to do is do a credible cash flow and see when your company may start to make money and then how much money you may be able to take as a salary and/or dividends. Then class that money as income and then draw up a plan to pay off your creditors.

You can't work night and day for three months until your business takes off you need to find some way of making money now to at least pay your rent eat and pay your creditors at least token payments to keep them at bay for a while.

Miss_Piggy_2

Not sure theres much advice we can give you at the moment. With an income of nothing there isn't anything we can really suggest...apart from, get a job!!! I appreciate you are starting a business but I can't see how your present situation can continue for very long.

Miss P
xx