corperation tax = /

marty540

hi all,

i think my buisness is going towards bankruptcy and we will owe quite a hefty sum in corperation tax. our company is a ltd company so how safe is my home? my house is not security against my buisness bank account.

any helping advice out there please!!

thanx marty

fiveyearplan

How much is your home worth, how much is your outstanding mortgage, do you have any secured loans on it?
Would you be looking at business insolvency or personal bankruptcy? Have you personally guaranteed any of your business debt?

fiveyearplan

Oh - I forgot to say - welcome to the board!

marty540

thanx for the quick response F.Y.P.

the answers to your questions,
my home is worth £180,000.00
outstanding morgage £35,000.00
it is buisness insolvency
i havn't personaly guaranteed any buisness debt :huh:

nervousmother

surly if it is corporation tax then the business is liable? an not you personally..... ltd companies and all that

marty540

ok thanks for the info.

have a meeting with the accountant next week and have been trying to look up some info on line throuhg google but it didn't seem to explain much for a ltd company or owing the TAX man and what powers HE has! so are u saying the debt will be gone and i won't owe it after the firm folsa or will it always have to paid off.

sorry for the 20 questions but it all sort of hit home today that the end is nigh and i mite have a 90k tax bill just over the horizon :think:

fiveyearplan

Thats good that you don't have any personal guarantees because with the amount of equity you have in your house you would stand to lose it all.

Best advice is to give business debtline a call and see what they have to say.