Wages paid into frozen business bank account. Help please
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Darrenjparker
Posts: 12 Forumite
Hi my company has recently been struck off the companies register as I failed to file my annual accounts so my business bank account (HSBC) has been frozen with any money being passed onto the Treasury Solicitor.
It was cheaper for me to set up a new ltd company under a different company name so iv gone ahead and done that with a new bank account at a different bank (natwest). Unfortunately who I get my work off has paid me by 'bacs' today to be cleared in my old bank account tomorrow.
My question is will this moeny going into it be declined and go back to the people paying me so that they can pay me into my new bank, or will this money go into my bank and be passed onto the Treasury Solicitor.
Is there anything I can do to get this money?
It was cheaper for me to set up a new ltd company under a different company name so iv gone ahead and done that with a new bank account at a different bank (natwest). Unfortunately who I get my work off has paid me by 'bacs' today to be cleared in my old bank account tomorrow.
My question is will this moeny going into it be declined and go back to the people paying me so that they can pay me into my new bank, or will this money go into my bank and be passed onto the Treasury Solicitor.
Is there anything I can do to get this money?
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Comments
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Doesnt the money belong to the ltd?Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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Oh blimey. Which of your Ltd companies invoiced for this payment? If it was the old company which issued that invoice, then the payment has gone to the correct place. In your shoes I wouldn't try to get your hands on the money.
If it was the new company, then your client - who has, in effect issued a payment incorrectly - needs to talk to their bank. They need to tell their bank that they have issued a payment with the wrong account details, and ask their bank to recall it. Really, they should have done this before close of business today. It might not be possible to recall the payment in the morning.I try not to get too stressed out on the forum. I won't argue, i'll just leave a thread if you don't like what I say.
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Oh blimey. Which of your Ltd companies invoiced for this payment? If it was the old company which issued that invoice, then the payment has gone to the correct place. In your shoes I wouldn't try to get your hands on the money.
If it was the new company, then your client - who has, in effect issued a payment incorrectly - needs to talk to their bank. They need to tell their bank that they have issued a payment with the wrong account details, and ask their bank to recall it. Really, they should have done this before close of business today. It might not be possible to recall the payment in the morning.
Thanks for replying
Basically it was the pervious company which invoiced it and has gone to, but can the goverment just take that money with no way of getting it back? I can understand why you wouldnt want to try and get that money back in my shoes, but that really is the only money im going to have for the next month... So anything to go on at all would be a major help.0 -
Doesnt the money belong to the ltd?
chanz4 is correct of course.
The money paid by your client isn't your "wages". If you are working through a ltd company then the company will (or should) be issuing invoices to the client, and the money which your client pays belongs to your company - which is a separate entity to you as a person. You CAN'T just treat the company's money as your own, there are rules you must adhere to in order to withdraw money from your company.
I'm guessing that you are a director & shareholder in the company (possibly the only director/shareholder), these titles come with responsibilities (as you have found out, altho you seem to have chosen to ignore them).
Forming a ltd company is seen by some as an easy way to dodge taxes/national insurance. But if you can't understand (and operate within) the rules, you'll end up losing more than you gain.
You may end up losing this money, put it down to experience.I try not to get too stressed out on the forum. I won't argue, i'll just leave a thread if you don't like what I say.0 -
Doesnt the money belong to the ltd?
The ltd company is dissolved due to being struck off the companies register (so the old ltd company is no longer trading, the frozen account my moneys been paid into)
1. Will the money go into my frozen bank account with the dissolved company, or will the money be decline and go back to the people paying me so that there can pay it into my new bank account under my new trading ltd company?
2. If it does go into the old bank account under my dissolved companys name are the any steps in getting that money paid to me from the treasurer?0 -
Darrenjparker wrote: »can the goverment just take that money with no way of getting it back?
Well, there are various sanctions which apply when you don't file company accounts as requested by law. I'm guessing that if you didn't file with Companies House, you probably haven't submitted a corporation tax return either. Failure to file these results in Fines being imposed, and HMRC will also estimate what corporation tax is due (in their favour), so your bank account proceeds will be used to satisfy those fines & the tax levied.
You MUST have received reminders for your accounts? Companies House and HMRC don't just swoop on a company for being a week or 2 late with their returns.I try not to get too stressed out on the forum. I won't argue, i'll just leave a thread if you don't like what I say.0 -
chanz4 is correct of course.
The money paid by your client isn't your "wages". If you are working through a ltd company then the company will (or should) be issuing invoices to the client, and the money which your client pays belongs to your company - which is a separate entity to you as a person. You CAN'T just treat the company's money as your own, there are rules you must adhere to in order to withdraw money from your company.
I'm guessing that you are a director & shareholder in the company (possibly the only director/shareholder), these titles come with responsibilities (as you have found out, altho you seem to have chosen to ignore them).
Forming a ltd company is seen by some as an easy way to dodge taxes/national insurance. But if you can't understand (and operate within) the rules, you'll end up losing more than you gain.
You may end up losing this money, put it down to experience.
Yes all correct, I havent got the biggest grip on this and only went over to a ltd company as the people i work for wanted to turn its employees into franchises (persumably to save on money as an accountants stated before)
But I can see the way the goverment views it a bit better now, prephaps if I open back up the dissolved company by paying the fees my accountant had laid out for me the treasurer would pass back any money including these wages back to me?0 -
Tax returns have been filed except the accounts, I went to an accountant a little too late but she did manage to squash any fees that had incured.0
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Surely if the account has been closed then the payment in will be returned to the originator.0
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