Need to get this off my chest....

JPS29

Hmmmmm

I don't know when your experience was and I'm sorry to hear you have been had over. Can I just add that i am not having any people over, staff, suppliers etc with the exception of the bank and the vat man:p

From speaking to my accountant, the IP's and the business debt helpline this isn't an option for me. Maybe its because I owe money???

Anyone else got any advice re this?

cheers

Richard_S

InTheBrownStuff wrote: »

Lol, me too, I was waiting for you to come on here with the solution we all missed

Thanks anyway

Hi ITBS,

If you're a new poster, why were you wating for me?

As far as owing VAT of £40k+ there's no decision to be made; they'll be at your throat almost immediately; just relax and go with the flow.

Richard

fiveyearplan

Richard_S wrote: »

Hi ITBS,

just relax and go with the flow.

Richard

Good advice and I'm sure Rog2 would agree but relax? Easier said than done!:eek:

JPS29

Richard_S wrote: »

Silvercar,

If I remember rightly you're an accountant; do you think you might be missing something here?

Richard

Hi Richard,

You put this in your post to silvercar on this thread, so i was waiting for him to come back with advice........

When he said he wasn't an accountant and hadn't missed anything I put my reply, and titled it "silvercar";)

Back to the original point though,.....

If this is the case with the VAT and they are going to be "proactive" in their actions then my mind is virtually made up, I may as well let them wind up the company.

Someone else has mentioned that i might not actually have to go BR if i can agree a payment plan, think they were referring to the IVA route, so I will explore this on Tuesday when England re opens:mad:


Thanks again Richard, most appreciated.

silvercar

I'm a she!

I was suggesting trying to agree a payment plan with the taxman. Can't comment on IVAs, but if most creditors need to agree then it will again be the taxman that holds the decision.

Don't waste money on IVAs through private companies when there are charities that will sort it without charge.

How far behind are you with the VAT payments?

JPS29

silvercar wrote: »

I'm a she!

:doh: :embarasse

Put my foot in it there........ Apologies:o

£43 k in the red with the vat, this is made up of 2 overdue returns, both now surcharged on too. Before the business is wound up another return will be due, however since no new invoices have been raised and the business have effectively not been trading for over 3 months this will be a nil return.

Appreciate the advice re IVA, really never thought this was an option but if you don't ask you don't get. Worst case scenario they refuse and i go BR anyway.

Thanks again Mrs/Ms/Miss silvercar:rotfl:

Richard_S

InTheBrownStuff wrote: »

tbh with ccj's defaults etc on my credit file I can't see it being much worse being BR anyway.

Thanks again.

Hi ITBS,

Where have you picked up the CCJ's and defaults from?

If your companies were all Ltd Cos, why have you got a personal tax bill of £16k?

I'm currently working with a recently retired barrister who specialised in complex tax cases; I showed her your posts, and she indicated that your acountants may have been negligent in their handling of your affairs.

Richard

Persolv0

Not in the slightest bit qualified to help but thought Id post a quick note of support .

I do wonder if the confusion is coming from the two different opinions you ve had and whether it would be worth taking time out to call a few insolvency specialists whether it be accountants or solicitors to see how the advice balances out and your best way forward.....taking advantage of initial free consultations....just a thought

good luck

JPS29

Hi Richard,

I will have 4 separate defaults on my credit file due to the mobile phones I took out for business use in my personal name. I have no intention of paying these as 3 are being really awkward so eventually these will show as default on my credit file.

When the bank realises my business is not trading/being wound up then I have a personal guarantee to cover the £8k debt from OD/cards. Due to the amount I would suggest they would look to recover...poss via CCJ?

Ditto when I terminate the car HP and hand back my car, £12k bill coming my way..poss CCJ

This is of course if IVA cannot be agreed to.

Re the personal tax.

Would this not be from the drawings I have taken? As I only paid myself £415 a month my tax and NI was minimal the rest of my earnings came as drawings taken as and when I wanted to, I think the tax will come from this.

Also the business accounts have all been audited by the factoring company who spent a whole day in the accountants and picked up on every little thing, even asked why a PAYEE/NIC bill was settled 2 weeks late (my fault of course, hols) As they weren't employed by the accountant they should have informed any irregularities in the business accounts to the factor, who informed me all was correct.

If you could ask your friend to elaborate however I will look in to it further, better safe than sorry.

Thanks again for your help Richard, most appreciated.

direstraites

In the brown stuff

You sound like a kind man who thinks about others before yourself eg ref The tennants
But you must start thinking about yourself and your family now imho,the stress etc involved in trying to get by and pay off as much as you can could litterly put you in a grave :-(
If the best cause of action is br then so be it and take care of yourself and your loved ones,i struggled for 7 years trying to pay as much as i could and in the end still br was my only option :eek:
I have no experience in ltd companys or any company for that matter but i do relate to stress (now on anti depressants and out of work at 37)

Sorry if im out of line in my opinon`s :sad: