Creditors Voluntary Liquidation

[BrilloPad]

I took dividends of 30k and paid overdrawn account. My CT is 15k.

Can I pay this 15k over 3 years? or Can I negotiate this CT amount with liquidator?

I think you need to pay HMRC. You will need to pay the full amount. I believe they usually accept payment over 3 years.

What assets do you have? If you have no assets then you have a strong negotiating position. Making someone bankrupt costs quite a lot.

Presumably you are working now? Can you afford to pay over 3 years based on your current salary/dividends?

[spec0203]

I think you need to pay HMRC. You will need to pay the full amount. I believe they usually accept payment over 3 years.

What assets do you have? If you have no assets then you have a strong negotiating position. Making someone bankrupt costs quite a lot.

Presumably you are working now? Can you afford to pay over 3 years based on your current salary/dividends?

I have recently bought a apartment on a mortgage with my wife's money and we both are having equal partnership.

I am searching for a perm job now and hopefully I will get some thing sooner.

[northernladuk]

I have recently bought a apartment on a mortgage with my wife's money and we both are having equal partnership.

I am searching for a perm job now and hopefully I will get some thing sooner.

So your wife is working?

[spec0203]

So your wife is working?

Yes. She is...

[tractor]

....

Yes. She is...

Was your wife a shareholder in your company? Were they equal shares? Did you split the dividends equally?

[Scruff]

If your wife was a director of this company, then making yourself bankrupt is not really going to solve your problem. The problem is that directors have a fiduciary responsibility, which you appear to have ignored.

The fact that you have recently bought an apartment with a mortgage is going to cause you both a problem, if she was a director and shareholder.

You have spent HMRC's money by taking it out of the company. You have done this unlawfully, whether through ignorance and/or stupidity.

I call sockie on this....

[spec0203]

Was your wife a shareholder in your company? Were they equal shares? Did you split the dividends equally?

Yes. Before insolvency she was removed from the company as there was no trading. Same time she got a perm job.

[northernladuk]

I call sockie on this....

I'm starting to think that as well. The OP appears to be throwing every complexity he can think of in bits and pieces as prompted to keep the thread going.

Either that or the OP has seriously ****ed up and no amount of help we can offer will help so time to close the thread.

[spec0203]

I'm starting to think that as well. The OP appears to be throwing every complexity he can think of in bits and pieces as prompted to keep the thread going.

Either that or the OP has seriously ****ed up and no amount of help we can offer will help so time to close the thread.

I have no intentions to move the thread going. I came to know about this thread couple of days ago only.

I agree that I have made big mess without proper knowledge. same time I haven't got much help from my accountant even though he got well paid.

The bottom line is that I have learned so much in one week which I should have been known earlier. I have relied 100% on my accountant as I expected that he will take care of business transactions and will suggest if I do any thing wrong. But it's not the case. Every one will do some mistakes but I have done a big mistake and trying to recover from this. To be honest my biggest mistake is to rely 100% on accountant. Later I came to know that that's not the way.

It's a very hard lesson. I have never gone through web on how to run business. But started with some intention but it went on a different direction when things are not in control.

Any way thanks a lot for your help. I can see it's not solvable. I came to understand that I need to pay CT over 3 years as my dividends are already declared in self assessment in 2014.

I dont mind in closing the thread.

[tractor]

....

I'm starting to think that as well. The OP appears to be throwing every complexity he can think of in bits and pieces as prompted to keep the thread going.

Either that or the OP has seriously ****ed up and no amount of help we can offer will help so time to close the thread.

Who else do we know who does that?

Well maybe it is and maybe it isn't. If it is genuine though, I am not surprised to read that the OP knows exactly what to do to maximise dividend income with a spouse and take max advantage of tax allowances but pretends to have no idea how CT is calculated and how to manage the company affairs.

My level of sympathy has gone from lukewarm to surface temperature of Pluto.