shellshocked and devastated

wireframe_2

grey_lady wrote: »

Just a guess - but supposing that's the gross income turnover, say 17.5% goes to the VAT man. Then mobile phone bill, wages, NI all come out. OP has implied that her OH works away and for such a good rate I'm guessing he's in London, so presumably he rents a room there or pays to stay in a hotel which has got to cost a few hundred every month, then daily travel, weekend home travel, daily food all on expenses.

Once all that has come out of the monthly income I can see how there wouldnt be much more than the 5.5k they're taking out every month in dividends, the corp tax money should have been put to one side and then the dividend taken out of what's left.

All true. It *could* be any of that. Its perfectly feasable. But it would be great if the OP would help us by actually telling us where all this phantom money has gone. It seems unlikely OH lives in a hotel or rents a room (although not impossible). More likely he commutes, which whilst a cost, is a lower one. All I'm asking for is clarification of the finances so we can assist further. As others has also suggested, theyhave quite a high monthly income.

If they SAVED that 3k that's unaccounted for, they could clear nearly all their debts in a year.

Sunnylooloo

Wireframe - I understand what you are saying, however I really think if Penny and her husband had 3K left over a month she wouldn't be in such as state as she was when she first posted? She hasn't put on how much the CC repayments are each month?

From what I am seeing (and not sure if this is correct) her husband had been hiding a lot of the debt and then obv borrowing on CC so they could keep up their lifestyle (even so far as to hiding at 5K debt of hers to the tax man).

Penny maybe if you do get a chance and want to, post up your SOA and then we may get a better idea of how your monthly expenditure is contorlled - as I said I have no idea how the business debt is approached nor can I offer any advice there, but as the advice says above that needs to be broached by your accountant.

Keep posting Penny and remember we are here to help and support you as much as possible.

LL

x

Annisele

grey_lady wrote: »

Winding up the company might be the best option, the OP's OH could work through an umbrella. But it's a serious step to take, HM R&C have transferred liability in the past to individual directors and bankrupted them when they thought that the director was negligent. So it's worth getting professional advice on the chances of that happening.

Something to consider - but the OP would also need to check that her OH would still be able to get work through an umbrella company.

A lot of the high paying IT contracts right now are in financial services - and banks/hedge funds and such tend to require squeaky clean credit records not just for the individual contractor, but also for any company he's been a director of.

However, with that level of income it should definitely be possible to sort the problem out, so don't worry too much!