I could lose my new house what can I do please help

grey_lady

Just thought i'd try and clarify something as people seem to find it odd that the op can take a dividend but not pay corp tax.

corp tax is 20% of annual profit not turnover for a small company, e.g after wages and all expenses have been paid, so if you had a couple of months where no sales had been made then corp tax wouldnt be payable from those months, but you could still take a dividend if you had enough in the bank to pay for it.

I put my 20% aside every month, if i have a couple of months without sales
then i can take 20% back out of what i've put aside from previous months.
But not everyone works like that, some people might just leave it until the end of the year and then work out what they owe and pay it. It may be that they dont owe anything if the expenses have been high.

Dividends can be taken out of whats left after corp tax has been paid.

£350 a year for an accountant seems low, bit puzzled by that. maybe i pay to much :-)

Debt_Free_Chick

grey_lady wrote: »

Dividends can be taken out of whats left after corp tax has been paid.

Some of us understand this point

But SLG has not made it clear whether it's turnover at £1,000 per month or profit at £1,000 or drawings/salary at £1,000 per month

It kind of doesn't matter - but so long as he is clear, when he puts his income into his SOA

Debt_Free_Chick

Debt_Free_Chick wrote: »

Some of us understand this point

But SLG has not made it clear whether it's turnover at £1,000 per month or profit at £1,000 or drawings/salary at £1,000 per month

It kind of doesn't matter - but so long as he is clear, when he puts his income into his SOA

Except that - whatever it is - it ain't going to fund his mortgage, bills & debt repayments! :eek:

pania

i'm really sorry guys but reading through this post has made me sad.

People that feel to be in a desperate situation do desperate things to get themselves out of it. people that are suffering stress do things they would not usually in a level frame of mind do. SLG sounds like a very desperate person. I'm sure SLG is not proud of what has happened and what he has had to do. But i'm sure many of you will relate to the fact that if you feel your children are in danger you will do anything to protect them. Perhaps this is why SLG lied on his mortgage app. prehaps this is why SLG won't confront the TV licence issue. Because he is doing all he can to avoid a desperate situation
We can all sit in moral judgement of one another and i do not condone AT ALL the action SLG has taken so far. However i do see, beneath his actions a very scared, frightened and confused person.
He has come on here to ask for help and yes we need and soa to assist fully.
He's had two shots at it bless him and if he has never had to handle this sort of thing before can we honestly slate him for not exactly knowing how to do it?
Yet we are suggesting tax fiddling, or hiding the truth or not revealing things he doesn't want us to know. Give the poor guy a break and look outside the box a little more.
Maybe Mouse click speaks for SLG as he is able to phrase things in a more eloquent and understandable way.
Maybe SLG is SCARED to confront the truth of his situation and is SCARED of writing it all down in black and white.
Maybe SLG doesn't fully understand taxation and the implications of the same and is just trusting his accountant to do the best thing by him
Lets give this chap some guidance and stop being so harsh on him.
P

GettingThingsDone

I agree with pania - keep posting s_l_g

gtd

amani_2

I also agree strongly with pania it made me sad too.

Please keep posting S L G

Debt_Free_Chick

pania wrote: »

Lets give this chap some guidance and stop being so harsh on him.

I don't disagree - but in addition to his mortgage (from memory, about £230,000!!! :eek: ) he has run up a further £70,000 of debt :eek: :eek:

HE ..... sorry HE has put his family in danger ... in danger of losing their home.

He has no idea of what he needs to run the home.

He has no idea of what his spending capacity is.

He needs a short, sharp shock - and that is partly what this Board is about. He really, really needs a wake-up call.

pania

But what has lead to that debt?
where has that money gone?
can you be sure it is down to being a spendthrift or other, unrevealed matters?
Can you be sure there wasn't a situation where SLG had no other choice than to borrow money to rectify a situation?

See the experiences of others on this board, one in debt due to a housefire and shortfall in insurance cover, another in debt due to serious structural issues with a newly purchased house, and another due to a theiving scumbag ex, massive housefire with all possesions burnt to ashes and no option BUT to run up debt.

We come on to this board and ask for assistance but the reasons behind the debt is never usually revealed, nor is it usually expected to be.

Some people just do not know how to deal with finances, have never been shown how to budget, do not know how to write spreadsheets or even how much they really spend on the home.
Guidance is needed to TEACH this chap how to find out what he needs to run a home, to SHOW him how to work out what his spending capacity is, and to tell him it is ok to pull his head out of the sand and confront the TV man.

He's had a short sharp shock in the realisation he could quite possibly loose his house.

hypno06

Also, there are many on here that have told tales of hiding from the landlord on rent day, bending the truth on application forms, etc. Whilst we cannot encourage this sort of behaviour, we have to accept that desperate times mean desperate measures and perhaps in doing something that you are not exactly proud of, means that you get to see another day.

I feel that the OP has been treated pretty harshly when he is saying nothing worse than many others who have been empathised with. I do agree that with an accurate SOA in place, we will be much better placed to assist, but please do not scare the guy off.

Remember, this place is for support not judgement - I am sure he is not exactly proud of some of his past behaviour, but by getting additional employment he is moving in the right direction to put things right.

consultant31

sarf_london_guy wrote: »

Hi all, I think I have some luck on the way.
Been very busy looking for work, I have got 2 job interviews so far.
But best of all a good friend of mine is a top man in a construction company, after speaking with him he said he can’t see any reason why he can’t get me on the team.
Estimated wages is £100 a day plus weekend work available plus my company bringing in a profit of £1,000 a month. I have not had time to submit my updated SOA but will do this as soon as I can get on my computer got to rush helping someone move some bits for a quick dollar.

I hope he gets the help necessary to get him and his family through this mess without losing their home.

No-one can fault him for trying to better his family's standard of living, but telling lies on application forms and hiding his head in the sand is not the way to go.

He needs to be honest and straightforward if he wants help from the amazingly knowledgeable people on this board (and sadly I can't count myself among their number, lol).