All sorts of trouble .... (Tax & VAT)

[LisaContractorUmbrella]

One other thing I didn't see in the thread is protecting your current contract, in case the tax situation in the company goes pear-shaped you will want to protect that revenue stream. Perhaps some of the brolly people here can provide advice on whether it is preferable (or even possible?) to move the contract out of the company and to a brolly asap?

It is possible provided that the end client/agency is prepared to reissue the contract. The brolly with then have the B2B with client/agency and employ the OP under an employment contract

[helpplease]

Nixon Williams, WhitefieldTax and Maslins make valuable contributions on these forums and are clearly experienced dealing with HMRC, but there are others too.

Thanks for these, spoke to a couple, surprisingly different !

I'm expecting to have to pay up front for some help.

Any other recommendations would be appreciated.

[TheFaQQer]

Any other recommendations would be appreciated.

Ring InTouch and speak to Louisa about it. Make sure to mention who sent you their way

[helpplease]

Ring InTouch and speak to Louisa about it. Make sure to mention who sent you their way

Just done, that ... very impressed, totally got it and explained what they could do to help and also went through each of the possible outcomes on this.

[Caoradubh]

There but for the grace...

Hello there, I am new to this board but saw the post and totally sympathise with OP; was almost in the same situation myself. My Company has been running for 3 years, only small bits and pieces going through in Yrs1 and 2 as I was also in perm employment, husband did the books, HMRC VAT etc. Year 3 I got a lucrative contract, worked abroad and now back "resting" and looking at the accounts. Things had been filed, we had reported and paid VAT and CT. But discovered huge hole in paper trail for Dividends etc and no idea what the tax implications were from a personal tax perspective as we were both directors. Lots of headless chicken behaviour before we decided we needed professional advice.

Fortunately have now engaged a local accountant (not cheap, but seems to know her stuff) who is putting us right, ensuring we are compliant and sorting out the SA which we didn't get round to doing. I am sure we will have some penalties to pay, hopefully not too much, but at least we will have a clean basis for going forward.

Its scary how easily things can get away from you - and I should know better as I am a finance person. Thoughts are with you and hope you get it all sorted out.

[DS23]

faq to the rescue! he's a good at that.

[psychocandy]

Sorry to hear your situation, not just the debts but the marrige too.

What is your wifes role in the company? is she a director too? Also what has happened to the money that is owed in VAT, CT & PAYE that has not been paid, if its not in the company anymore? Have you taken it as dividends/salary, or has it gone from the company unaccounted for. There is a chance that HMRC could push for you to get the police involved if the money has just gone from the company.

(PS Don't divorce the wife, if it goes pear shaped and you go bankrupt take her with you)

Good point. Did it disappear or just taken as dividends and spent by you both?

[psychocandy]

Dare I ask? How are things with the Mrs?

[helpplease]

Dare I ask? How are things with the Mrs?

Frosty ....

Sadly my two week holiday in Croatia that I've paid up front for is non refundable ...

Either I flog it on ebay, go on my own or put up with company I could do without.

It was spent by both of us it seems.

[helpplease]

Its scary how easily things can get away from you - and I should know better as I am a finance person. Thoughts are with you and hope you get it all sorted out.

Thanks for your thoughts, having spoken to a good accountant today I do feel a little better that there is light at the end of the tunnel.

However, having spoken to JSA again ... well it doesnt surprise me we are in this mess. Company accounts where due to be filled yesterday, they had no idea .....