Creditors Voluntary Liquidation

[northernladuk]

And lo and behold... A whole new unknown line to dig in to. The wife has shares, her divis are now illegal, how was she removed yadda yadda. Another two pages before we get to the bottom of that. There is a surprise. Perfect sockie methods.

And in the unlikely event it's not my sympathy is also colder than Cojaks heart when she has ban hammer in hand. Some people just deserve everything they get.

[BrilloPad]

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.

CUK is full of trolls and those who want to have a go. You have to wade through 10 poor replies to get a good one.

I saw your posts on the apartment. I presume your wife was a shareholder or director? Either way she is going to be partially responsible.

Not sure where your flat is. Prices have gone up. Could you re-mortgage to pay HMRC?

[BrilloPad]

And lo and behold... A whole new unknown line to dig in to. The wife has shares, her divis are now illegal, how was she removed yadda yadda. Another two pages before we get to the bottom of that. There is a surprise. Perfect sockie methods.

And in the unlikely event it's not my sympathy is also colder than Cojaks heart when she has ban hammer in hand. Some people just deserve everything they get.

So far the OP has not done any damage. You don't need to reply to the OP. If you don't like it then just find another thread.

HTH

[TheFaQQer]

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.

If the dividends were illegal, then you'll need to get HMRC to re-open your self assessment so you can correct them. I'd guess that they would be reclassified as income, so you'll need to make sure the correct amount of NICs and PAYE is deducted.

Only once you've got all that together can you work out and agree a payment plan with HMRC.

[spec0203]

If the dividends were illegal, then you'll need to get HMRC to re-open your self assessment so you can correct them. I'd guess that they would be reclassified as income, so you'll need to make sure the correct amount of NICs and PAYE is deducted.

Only once you've got all that together can you work out and agree a payment plan with HMRC.

I have paid paye for my dividends and wife dividends.

I haven't paid only CT.

[TheFaQQer]

I have paid paye for my dividends and wife dividends.

I haven't paid only CT.

And if the dividend is classified as illegal, it may get treated as salary. If that happens, you'd have additional tax and national insurance to pay.

[northernladuk]

I have paid paye for my dividends and wife dividends.

I haven't paid only CT.

Did you not think to mention this when we pointed out the issue with illegal dividends and number of pages ago???

[ASB]

I have paid paye for my dividends and wife dividends.

I haven't paid only CT.

Not sure what you mean by this. Dividends don't touch paye.

[Do you mean you declared them on your tax return and as a result you had become a higher rate taxpayer and additional income was due].

[Scruff]

What would Suity do? 🙈🙉🙊

[MercladUK]

HMRC are not going to wait 5 years. It will be 3 years tops.

You are going to need a personal liquidator.

Sorry, but from what you have said, there is no simple solution. You owe HMRC the money. You need to find that money. Do you have any assets? Are you married? Any children?

I have started threads before on going bankrupt. Its not that bad by all accounts. Tough for a while, but a lot better when you get going.

BP

Sorry the company owes HMRC the money.

The company is insolvent

He could be struck off and liable for Directors loan, that's pretty much it