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kevywevy
Junior Member
United Kingdom
201 Posts |
 Posted - 13 September 2009 : 13:00:48
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Hi
I am working my way through the Br Form and am in a differ whether the following applies to me.
.................................................
Section 2 : Business Details
Please complete this section if you are or have been self-employed (including a partner in a
partnership) at any time in the last two years. If not, go to Section 3.
..........................
I am a director in a LTD company and have been for the last 3 years .
Am i employed by the company? or am i self employed working for the LTD company.
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debtinfo
forum expert
2826 Posts |
Posted - 13 September 2009 : 14:04:12
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| You are an employee of the company and thus not self employed, do you realise that you will not be able to be a director during the bankruptcy |
Edited by - debtinfo on 13 September 2009 14:49:06 |
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leakie
Junior Member
United Kingdom
158 Posts |
Posted - 13 September 2009 : 14:40:08
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Hi Kevywevy
Are you PAYE if you are then you are an employee.
All the best
leakie |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 13 September 2009 : 17:02:27
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Hi
is the company yours, did you form the Limited Company, are any of the debts business.
If the Limited company is in your name, then you are still self employed
Stu J Byron |
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leakie
Junior Member
United Kingdom
158 Posts |
Posted - 13 September 2009 : 17:37:14
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Are you sure that is the case?
Self employed is a partnership or sole trader
if it is a limited company then you are an employee if you are on PAYE,
all the best
Leakie |
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kevywevy
Junior Member
United Kingdom
201 Posts |
Posted - 13 September 2009 : 18:05:55
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Thanks for your replies
I did form the company with another person who acts as the company secretary.
I know i cannot continue as director of the company ,Is this from the day i attend the court ?
I draw divedends from the company every month
The company is in trouble due to the climate of things and i owe money to the Vat man and Inland revenue.I have been told that neither the Vat man or Inland revenue can touch me personally for the debts as its a Ltd company and i work for that company.
I am still confused |
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RHB
Senior Member
1159 Posts |
Posted - 13 September 2009 : 18:49:21
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| Surely you can only draw dividends if there is a profit? |
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kevywevy
Junior Member
United Kingdom
201 Posts |
Posted - 13 September 2009 : 20:27:20
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The companies divedends are set at only $400 a month .
When times were better this was ok with us taking a good profit at intervals and leaving the rest in for the buisness to grow.
It has been a hard year for us in the building industry as with everyone else ,and although things are getting better the damage has been done to the buisness and also to me personally .
My BR court date is wednesday this week and then the company will fold the week after |
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RHB
Senior Member
1159 Posts |
Posted - 14 September 2009 : 07:21:47
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| I'm confused, is the company folding or carrying on? |
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kevywevy
Junior Member
United Kingdom
201 Posts |
Posted - 14 September 2009 : 18:43:28
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| Im going personally bankrupt ,the company is folding but as a seperate issue to my personal bankrupsy |
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RHB
Senior Member
1159 Posts |
Posted - 14 September 2009 : 20:36:25
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| But if the company is folding anyway it doesn't matter if you are director or secretary surely? |
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kevywevy
Junior Member
United Kingdom
201 Posts |
Posted - 14 September 2009 : 23:11:40
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| My question is for the future ,obviously i cannot be a director of a new company but can i still be a secretary of one? |
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RHB
Senior Member
1159 Posts |
Posted - 15 September 2009 : 07:19:29
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| Oh I see. Not sure on that one I'm afraid. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 15 September 2009 : 08:00:42
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Under Insolvency rules you cannot be a director nor involved in the running or management of a company in any way shape or form, which means you cannot be a secretary either. You will have to resign as a director prior to the bankruptcy and provided evidence of the fact to the OR.
Any debts of the company such as bank borrowing which you have personally guaranteed will be included in the bankruptcy but no other company debt.
I note that you are paid a dividend fromthe company in lieu of a salary - are your tax and NI contributions up to date?
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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kevywevy
Junior Member
United Kingdom
201 Posts |
Posted - 15 September 2009 : 19:49:36
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We owe Eight thousand to the VAT man and around seven thousand to the Inland revenue.
Our old account failed to register us for Vat two years ago when we went over the threshold ,when we did register for Vat earlier this year the Vat man noted that we owe back pay to them for the year we went over and will not wait for the money ,the company has no assets so im not sure what the next step they will take.
I am attending the court tomorrow to go BR personally ,i have not seized trading with my company and now based on what you say fear i may me in some sort of trouble . |
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Topic |
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employed?self employed ? help please
