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BR and Limited Company advice

neverindebtagain
Posts: 353 Forumite
My husband has a Limited Company, there is only him that works for it. He is considering br, how does he go about it.
The company still owes corporation tax that should have been paid on 1/1/09. Does he close the company and then the company go br and then him, as he is now struggling through lack of work to pay his credit cards etc.
He is going to open a co-op account tomorrow, then email the accountant.
Does he have to wait for the company to be br or as he is the only one involved in it can he go br at the same time. Can it all be put on one SOA form.
I am still coming to terms with me being br, I cannot believe that we are only just into the new year and husband is out of work and looking like he has to take the same route.:eek:
The company still owes corporation tax that should have been paid on 1/1/09. Does he close the company and then the company go br and then him, as he is now struggling through lack of work to pay his credit cards etc.
He is going to open a co-op account tomorrow, then email the accountant.
Does he have to wait for the company to be br or as he is the only one involved in it can he go br at the same time. Can it all be put on one SOA form.
I am still coming to terms with me being br, I cannot believe that we are only just into the new year and husband is out of work and looking like he has to take the same route.:eek:
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Comments
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I had limited company and it costs £2,000 for insolvency. However I didn't do that. I hadn't paid my corporation tax either so Companies House finally dissolved my company. I was the only director of company, I went personally BR therefore all the debts that I had personally guaranteed went into my BR. Anything I didn't personally guarantee like the electricity supply etc. I contacted them and told them I was the only director and I was BR - they said no problem.
The business I had didn't have creditors as such though so I didn't owe anyone money (apart from business loan and credit card). Have you contacted Business Debtline?
:j :j
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Q. If your hubby didnt have the Ltd company debts would he be considering BR?
dont jump before you are pushed
all business debts should be just that, business, unless personally guaranteed
BR and Ltd companies are not the same thing
Is your hubby (and/or you) PAYE employees of the Ltd company?
All directors/secretary could resign after sacking all staff who could then sign on, credit cards/;oans/mortgages can be payment protected...Now we all know how it felt to play in the band on the Titanic...0 -
I don't think I have explained his situation clearly. The LTD company has no debts whatsoever except for the corporation tax that was due by the 1st Jan. He is considering BR for his personal debts (£30K+) that are costing £700+ a month and has now not worked for nearly a month with no sign of picking any work up (bricklaying). The only reason I mentioned his LTD Co is because I wanted to Know if the company and its tax bill affects anything and if there was a certain order to do things in taking his LTD Co into consideration for him to go down the BR route0
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