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| T O P I C R E V I E W |
| grace347 |
Posted - 31 December 2008 : 10:19:20
Hi there,
My partner is going BR shortly (as some of you may be aware from my previous posts)!!
Although employed for the last 5 months, for the previous 18mths he was self employed as a Ltd company.
This company came into difficulties within 20mths of commencing trading and hence no formal accounts have been prepared as the first years accs do not need to be presented until 20mths from the start of trading.
As part of his BR the HMRC is the only real creditor from this company, he has completed a tax return for 07/08 but has no formal accounts.
What level (if any) of investigation is likely to take place by either the HMRC or OR?
Does anybody have any experience of this?
Does he need to prepare any accounts?
Is there anything you would advise to do to help prepare accs etc?
Any advice would be greatly appreciated as always!
Many thanks
Jennifer x |
| 3 L A T E S T R E P L I E S (Newest First) |
| grace347 |
Posted - 31 December 2008 : 11:04:56
Hi there,
Many thanks for this, we thought that might be the case, that should be fun, i'm sure ill end up inputting endless amounts of receipts over the next 2 weeks, probably easier than the OR interview will be ha!
Many thanks
Jennifer x |
| Reviva UK |
Posted - 31 December 2008 : 10:51:25
Hi
it would be really useful to prepare some form of accounts so that the OR can review the situation.
It is quite common for a business to be subsidised by a persona own debt position ( credit cards / loans etc ) and the OR will need to see that no income was made from the business and that you probably used personal debt to survive during the initial period.
the accounts don't need to be formal ones prepared by KPMG, but even if you have a spreadsheet of income / expenses / bank statements / explanations for large expenses etc etc etc this will help the OR get a picture of how the insolvency happened and what the major cuse was
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
| Needafriend |
Posted - 31 December 2008 : 10:21:43
Hi Jennifer
This is one of the subjects i dont know an awful lot about so i cant help you on this one but one of the other experts or another member who knows a lot more than me about the business side of things, will be along soon to help you out.
Take care
Jo
x
Wishing you all a Happy Debt & Worry Free 2009
21 Weeks down
31 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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