Originally posted by MercladUK
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Creditors Voluntary Liquidation
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Originally posted by TheFaQQer View PostUnless negligent, in which case HMRC can go after the directors for acting illegally.Comment
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Originally posted by BrilloPad View PostAgreed. And is what I think will happen if the OP does not pay up. Ignorance is not an excuse. Being a company director is supposed to be a serious matter.
Directors Loan and/or Illegal dividend payments are different.
You stated he will have to pay CT over 3 years, this is incorrect. The company pays CT and it is insolvent.Comment
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Originally posted by MercladUK View PostCT is a company tax, not a personal tax.
Directors Loan and/or Illegal dividend payments are different.
You stated he will have to pay CT over 3 years, this is incorrect. The company pays CT and it is insolvent.Comment
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Originally posted by MercladUK View PostCT is a company tax, not a personal tax.
Directors Loan and/or Illegal dividend payments are different.
You stated he will have to pay CT over 3 years, this is incorrect. The company pays CT and it is insolvent.Originally posted by meridian View PostThe company is insolvent because dividends in excess of available reserves were taken. If these illegal dividends are reversed, then the directors owe the company money, and the liquidators can chase the directors to repay enough money to the company to repay the tax debt.
To be fair, you have to read several posts before you get the full story.Comment
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Originally posted by meridian View PostThe company is insolvent because dividends in excess of available reserves were taken. If these illegal dividends are reversed, then the directors owe the company money, and the liquidators can chase the directors to repay enough money to the company to repay the tax debt.
They CANNOT chase for CT (where the recovery of said funds may or may not cover the COMPANIES exposure to HMRC)Comment
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I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).Comment
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Creditors Voluntary Liquidation
Originally posted by MercladUK View PostThey can chase the director for the illegal divis and/or the directors loan if the liquidators can prove this to be the case.
They CANNOT chase for CT (where the recovery of said funds may or may not cover the COMPANIES exposure to HMRC)
Where the OP has gone wrong imo (apart from paying illegal dividends) is in getting a liquidator involved. Depending on how aggressive they are they may chase him, or they may drop it.
OP, have a look here:
http://www.ukbusinessforums.co.uk/th...liable.252282/Comment
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Originally posted by MercladUK View PostThey can chase the director for the illegal divis and/or the directors loan if the liquidators can prove this to be the case.
They CANNOT chase for CT (where the recovery of said funds may or may not cover the COMPANIES exposure to HMRC)Comment
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Originally posted by BrilloPad View PostExcellent news! I am going to take all my money in the company as dividends - then go into liquidation and forget the CT. I did not know this was possible. CheersOriginally posted by Stevie Wonder BoyI can't see any way to do it can you please advise?
I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.Comment
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