Owed money - how can I get them to pay before they go bankrupt?

Pennywise

mervyn11 wrote: »

Now for some good news Bounceback m8.............
If there is VAT involved you can get that back from HMRC..........
HTH

Only if you've already paid the VAT over, i.e. you're using the standard accruals basis for VAT returns. If you're on the cash accounting scheme or the flat rate scheme, then you havn't paid VAT on your sales invoices as they've not been paid, so nothing to reclaim from VAT office.

Bounceback

Thanks for all the advice. I guess I am just so frustrated that we will end up suffering the loss (again). It is something we can't afford, and we have always done our best to keep going through these tough times. It just really hurts, that when this company go down (which they still haven't done yet) we will be out of pocket and don't have a leg to stand on.

tco03

Im pretty sure you are one of many suffering in these hard times.
Can you claim it as loss at the end of the tax year?
Its all part and parcel of running a business i guess and it may be wise to reduce credit in hard economic times

Bounceback

Thanks tco03. I'm just feeling sorry for myself today. Unfortunately sometimes it is the emotional price that costs us as much as, or more than the financial.

We will put it through as a business loss. Unfortunately as can't stand the loss we will need to close the business to sell the assets (and our house). We've been struggling now for 5 years, and it is time to throw in the towel.

If you take the emotional side out of it, we can sell up and start again, and so that is what we will do.

patman99

Bounceback, is yours not Ltd company then?.

This may sound daft, but if you are a man with a van type business, have you thought about using Ebay to offer large item collection/delivery ?.