Personal Debt and forming ltd company

thaiexpat

Before leaving the UK, to live in Thailand, I was stupid and didn't pay a tax bill, HMRC sent some letters to my Thai address, though I didn't hear from them after about a year.

I'm now returning to the UK and wish to open an LTD company.

My question is do personal debts, stop you from opening a Ltd company in the UK.

I understand I will have to pay off the debt.
Thanks in advance,

Aquamania

thaiexpat wrote: »

Before leaving the UK, to live in Thailand, I was stupid and didn't pay a tax bill, HMRC sent some letters to my Thai address, though I didn't hear from them after about a year.

I'm now returning to the UK and wish to open an LTD company.

My question is do personal debts, stop you from opening a Ltd company in the UK.

I understand I will have to pay off the debt.
Thanks in advance,

I can confirm that personal debts will not prevent you from forming a limited company.

However, you may experience other issues such as obtaining a bank account to operate limited company.

bengalknights

There are no restrictions unless you are barred from holding directorship as a limited company is a legal entity of its own

thaiexpat

Thanks for the information I'm going to use. Tide

Pennywise

Aquamania wrote: »

I can confirm that personal debts will not prevent you from forming a limited company.

However, you may experience other issues such as obtaining a bank account to operate limited company.

Likewise, you may find problems with HMRC when setting up VAT registration or employer's PAYE scheme, as they may be wary of you running up debts with them again and may put an "alert" on your records to keep a watch on you to make sure you pay on time, or even demand deposit/payment in advance.

reason2

I Have 2 limited companies, but my personal credit is pretty poor.

One company has a bank account fine because there are 3 of us.
The second company i am the only director and cannot for the life of me get a bank account.

Currently using my personal one which is not a good idea but i have no choice at the moment.

I dont even need overdraft / lending facilities... just a basic account.