VAT and DLA

Aquamania

peatling wrote: »

....
1. How can a third party (the bank) deal with our VAT affairs without knowing our circumstances? I still submit quarterly returns on behalf of the company
...

Notwithstanding any issue over "unfair preference" (seek legal advice if you think that, as your intentions to me don't seem completely without bias either ), then like with any other creditor, anyone can credit your HMRC account. (subject to possible money laundering complications)

All anyone needs is your VAT number to ensure the funds are correctly credited to your account.
The appropriate HMRC bank account details are not difficult to find, or anyone could simply send HMRC a cheque.

No one needs to know your VAT affairs. The money will credit your account and you can see what you may still owe, or be owed, via your own online vat account login.

antrobus

motorguy wrote: »

No not in the least. Its quite irritating though when someone derails a thread with something irrelevant though isnt it?

Not at all. It's not my thread.

If someone wants to advertise their stupidity to the whole world, whom am I to stop them.:)

peatling wrote: »

Well circumstances have just changed. The bank has asked me for my VAT number so that they can pay the VAT and send us the balance!....

I've not heard of a bank doing that before. Anyway, they seem to have made a very good guess as to your circumstances. If you have already calculated what your VAT liability amounts to, you can always respond by simply confirming your instructions to pay HMRC £x.

peatling

I've not heard of a bank doing that before. Anyway, they seem to have made a very good guess as to your circumstances. If you have already calculated what your VAT liability amounts to, you can always respond by simply confirming your instructions to pay HMRC £x.[/QUOTE]

So HMRC get all their money and we only get some of ours?

antrobus

peatling wrote: »

So HMRC get all their money and we only get some of ours?

Well, you could go down the CVA route, so that the £30k is shared proportionally between the two of you. But there would be costs.

And look at it this way, you were the ones that took a punt on that development land all those years ago. Presumably it didn't work out as planned, but that's not really HMRC's fault.

Savvy_Sue

peatling wrote: »

So HMRC get all their money and we only get some of ours?

When a company folds, I believe ANY creditors take preference over what might be owed to the directors.

The company owes HMRC money. HMRC are higher in the list of those to be paid from what's left in the company than you are.