as a director of a small plumbing firm i am being pursude by hmrc for a measly amount of £9000 corporation tax. i have accounts with big firms that total no more than £15000. i have recieved a letter from hmrc statingthat property could be seized from my house. is this possible. in the worse possible senario what could happen? i have not been fraudaulent, just unlucky. someone please advise me as these are worrying times.
Firstly welcome to the forum Worst case scenario!!! HMRC declare you BR the OR takes control of your assets ie. your house and realises the equity from it. Leaving you homeless and BR I think of all possible creditors the worst has to be HMRC. I personally would stropngly recommend you take further advice from an Expert such as the ones you can access from the left hand side of the page. They will most likely be able to suggest the best course of action that is easiest and costs you the least.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) Life's too short!!!
Thankyou.you say that hmrc could take my house.? is this right. As a director of a LTD company surely this cannot happen??? even more worried now. somene please advise..???
HMRC could make you bankrupt. If that is the case, then you could lose your house.
The OR would take control of it. If there is no equity, then you could get someone to buy the beneficial interest from the OR. It costs £1 plus court costs. If there is equity, the OR will have to decide what to do about it.
As to property being seized, they could send the bailiffs in to remove assets to try and get their money back that way. I believe they would need a court order for that.
as a director of a small plumbing firm
Posted - 25 April 2009 : 08:34:50
