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Winding up estate HMRC chasing money but none left
Comments
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The Executor needs to have visibility of the company accounts being wound up.
In the previous thread the OP wrote
The partnership he had with his wife is being sold off by her but she acknowledges 1/2 is her daughters. ( should generate about £120000 but there will be tax to pay due to capital right down
Even if all of the £120k was profit, the associated Corporation Tax would typically be £24k, leaving £96k.
I am unclear whether the business was a Ltd Co, which the OP seems to have referred to, in which case the CT would be the applicable tax. I note the quote references a Partnership but, even then the most likely tax rate is 40% so £48k leaving £80k to be split half to the Estate (£40k not £23k).
Does (any of) the £32k tax debt arise from the closure of the business by the wife? If so, why was this not settled by the wife before working out the value of the business to return to the Estate?
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