Loan after mortgage ...

SarahP87

Hi , Im just looking for some advice regarding paying some HMRC debts with a new mortgage.


We have just taken on a new mortgage for 210K
Literally within the last month

Unfortunately our business has taken a turn for the worst and lost the main contact meaning it will be making next to nothing ....

we have outstanding 8000 in corporation tax and personal tax due to be paid by October.

I will be going on maternity in October and my partner will be going to university in September ...

so we will wish to close the business but have this outstanding debt with HMRC to clear we would like to take a loan out for the debt owed but recently got the mortgage so not sure this would be possible we can afford repayments of around 300 PCM with all other living expenses

Can anyone advise on getting a loan straight after the mortgage if this is possible ?

[Deleted User]

It's not absolutely out of the question depending on your circumstances, but obviously much more difficult.

AlTi_2

I got a £25k unsecured loan for a new car, about a month after buying our first house. At the same time got some IFC for a new bed. The 3 new credit accounts hammered my credit score from excellent to poor. It all obviously depends on your income/outgoings/credit history, but it's possible.

Candyapple

SarahP87 wrote: »

Hi , Im just looking for some advice regarding paying some HMRC debts with a new mortgage.


We have just taken on a new mortgage for 210K
Literally within the last month

Unfortunately our business has taken a turn for the worst and lost the main contact meaning it will be making next to nothing ....

we have outstanding 8000 in corporation tax and personal tax due to be paid by October.

I will be going on maternity in October and my partner will be going to university in September ...

so we will wish to close the business but have this outstanding debt with HMRC to clear we would like to take a loan out for the debt owed but recently got the mortgage so not sure this would be possible we can afford repayments of around 300 PCM with all other living expenses

Can anyone advise on getting a loan straight after the mortgage if this is possible ?

Isn't one of the questions asked on forms 'are you expecting your circumstances to change in the next 6 months?'

Would you still be able to afford the loan repayments given (I'm assuming) neither of you will be working? If you can afford the repayments - is it contingent for a set time i.e. until you go back to work? What happens if you didn't go back to work?

DCFC79

AlTi wrote: »

I got a £25k unsecured loan for a new car, about a month after buying our first house. At the same time got some IFC for a new bed. The 3 new credit accounts hammered my credit score from excellent to poor. It all obviously depends on your income/outgoings/credit history, but it's possible.

Shouldnt worry about your score though.

SarahP87

Hi ,Yes after outgoing mortgage bills etc we will still have around 1600/1700 disposable - once out maternity this will also rise and i will be going back to work....

We could potentially look to have the business corp tax struck off i think? with the business as its no longer making any money ... but husband feels its necessary to take a loan out and pay this off as he will be looking to start another business in the near future

We can afford the repayments over 36 months .... its just the uncertainty of ascertaining the loan itself thats the problem , obviously if it cannot be done it will be a big problem

teggy

I am sure that it is possible for the company to be struck off with debts to HMRC. They may object to start with but it can still go through. Also, it will not stop you from opening another company. It is probably best to speak to your accountant or a liquidation expert

SarahP87

Thanks Teggy , Im not sure its possible if the corporation tax is for the 15/16 year - this year the company made a profit . even if it is possible would it not morally unethical

System

Ltd Company? Don't take personal loans out to pay its tax bill. The Ltd Company is a legal separate entity to you so if it goes bust it doesn't affect your credit. Look at having it struck off or voluntary liquidation.

http://www.ukbusinessforums.co.uk/threads/the-spongebob-plan.268551/

SarahP87

Thanks Tarambor


Im have a look into that , If the company it self doesn't have the money i appreciate it can be struck off along with the outstanding Corp TAX but this might be a lengthy process and impair on other financial aspects like working out an amount for Child tax credits etc having a company still operational ....

bris

You take out ltd companies to protect yourself from this type of thing.


If the company is dead then wind it up it's relatively simple.


The only thing you need to look out for is the questions the HMRC will ask as to why the tax isn't available, any suspicious activity like a large withdrawal may warrant an investigation.


Do you have an accountant that did your account every year, they can be the best people to advise.