I have a Ltd Company and I have myself in a situation where I owe the IR on PAYE circa £10k and the VAT man circa £8k. All returns have been submitted on time and are true and all Corporation tax is paid upto date. Only amount due is for last year and is not due to end August 09. Over what kind of period can a Payplan be extended with the HMRC. What have you found to be achievable. Also as we have still taken Divi's my accountant is concerned that the tax man may not be too helpful if I was to wind the business up. We have 2 debts owed to us. The first is £10k and they are being would up and the second is a very large company who I am taking to court for circa £38k. What do you propose I should do. I am floundering on just saying "sod it" but I have had the first call from the PAYE today and this has now caused me to think where I want things to go. As we have paid divi's before paye (Only Directors - No employees) will they look at banning me from being a director.
I suspect that you need to start a dialogue with them regarding the monies owed to the company and the realistic prospect of them being paid over the time you truly believe is possible.
What is the realistic probability of receiving the 38K?
I have the matter in the hands of a solicitor, however the company in question think nothing of defending an impossible case and blowing 50% of the amount that they owe me. I have seen it done.
Unfortunatly this is a company matter and i specialize in bankruptcy which is for personal debts only (the only time i get involved with company debt is where an individual has given personal guarantees for a business loan/debt, which would of course be included in any personal bankruptcy)The Companies Act is a completely different legislation to bankruptcy, and would not wish to give yo incorrect advice.
What Paul has stated as to opening up a dialogue with the IR is quite correct, and should always be your first point of action. However, I am aware from colleagues in debt management that the IR in personal debt cases can be difficult to come to an 'arrangement' with -unfortunately I cannot answer with regard to company debt/arrangement as I have no back ground knowledge.
With regard to the company - if it is facing difficulties you need to speak to an Insolvency Practitioner who specialises in Company Insolvency to take advice with regard to voluntary or compulsory liquidation.
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
Ltd Company Problem..Melanie Can you Help
Posted - 25 March 2009 : 19:13:17
