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kevin2725
Posts: 4 Newbie
hi
looking for some info, im currently a director of a company that has ceased trading and is in the process of being struck off, there was 15k of debt owed to HMRC in coperation tax and VAT and a directors loan.
HMRC are now putting the pressure on to be paid in full and are not willing to accept being paid up over 2 years, that is the shortest time in which i could get that money together,getting a personal loan is not possible as my credit history is poor, im currently running a new company but it is under a franchise, should i be made to go bankrupt personally can i continue to trade as a sole trader under the franchise? i know i cant be a directoer for a year but the new company is in great health and all tax and VAT is upto date and dont really want to stop trading under the franchise.....
please give me some info good or bad??
looking for some info, im currently a director of a company that has ceased trading and is in the process of being struck off, there was 15k of debt owed to HMRC in coperation tax and VAT and a directors loan.
HMRC are now putting the pressure on to be paid in full and are not willing to accept being paid up over 2 years, that is the shortest time in which i could get that money together,getting a personal loan is not possible as my credit history is poor, im currently running a new company but it is under a franchise, should i be made to go bankrupt personally can i continue to trade as a sole trader under the franchise? i know i cant be a directoer for a year but the new company is in great health and all tax and VAT is upto date and dont really want to stop trading under the franchise.....
please give me some info good or bad??
0
Comments
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Re the directors loan account: do you owe money TO the company or does the company owe money to you?0
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i owe £3000 to the company?0
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Then that is all you have to pay, HMRC can do what they like but you are under no obligation to pay the company's debts. That's what "limited" liability means.0
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so i am not liable for the coperation tax and vat? my accountant is back from holiday on monday so will be on the phone 1st thing, thanks for your help....0
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