Originally posted by spec0203
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Creditors Voluntary Liquidation
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Originally posted by spec0203 View PostUnable to get much help from the accountant... as he did a very bad job.. not monitored accounts.. only VAT returns and monthly pay slips.. only worried about year transactions while submitting returns.. not checked in advance.. I am very unlucky to have him..'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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It sounds like the funds shown as a dividend should have been used to pay the Corporation Tax liability, as if there was no trading the amount owed to HMRC was from a previous year.
As such the dividend should not have been declared and this may be why the liquidator is picking up on it as the loan would remain outstanding.
Hard to say for certain without seeing the accounts for each year.Comment
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Originally posted by spec0203 View PostNo. Used dividends to pay the director loan. Then the trading got stopped as the client moved the business to a different country. Hence unable to get funds to pay the CT.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by northernladuk View PostClassic mistake this one. I must know half a dozen contractors that are 100% reliant on the contract they have completing to cover the financial crap they are in. I tired pointing it but none of them listened so f em.
That is not good. HMRC are not known for their tolerance. For me, they are always a priority.Comment
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Originally posted by spec0203 View PostThanks for the reply.
I have owed the money to HMRC around 17k and no funds in the company account as there was no trading. Hence took advice of friends and went for CVL (Creditors voluntary liquidation). After 12 months liquidator asking why you took dividends when there is a CT is due.
I am not doing any trading after company made insolvent.
I have left the country after the company made insolvent and came recently to UK to find a job.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by BrilloPad View PostHave HMRC asked for the CT?Comment
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Originally posted by BrilloPad View PostYou will have to explain that to them.
I am amazed that HMRC are unaware they are owed money.
Do you have any money to pay HMRC on behalf of the company?
If you can pay them, then "technical breeches" are not such a big deal if disclosed. I did it once myself. I inadvertently "traded while insolvent". Accountant wrote to HMRC. They got their cash. No harm done.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by northernladuk View PostThis. I'd be willing to bet HMRC are well aware what is owed and that they've taken reasonable steps to recover it. Bearing in mind there is CT owing as well as personal tax from the illegal dividend I would have thought unless the OP can ring HMRC and pay both these back he hasn't a chance of finding other work Any basic check is gonna uncover all this surely?Comment
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Originally posted by northernladuk View PostThis. I'd be willing to bet HMRC are well aware what is owed and that they've taken reasonable steps to recover it. Bearing in mind there is CT owing as well as personal tax from the illegal dividend I would have thought unless the OP can ring HMRC and pay both these back he hasn't a chance of finding other work Any basic check is gonna uncover all this surely?Comment
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