What is the worst that could happen?

**ratewhore** · 9 September 2008, 16:55

Hypothetically speaking, I would expect long showers with Bubba!!

**Peoplesoft bloke** · 9 September 2008, 16:57

You, er I mean your friend, needs to ask a lawyer. Their greasy trade will no doubt be of great help to someone such as your friend. :-) good luck (er to him I mean)

**NotAllThere** · 9 September 2008, 17:40

Your money may be safe, but you should stock up on vaseline. I moved to Switzerland and was told that I could be extradited for tax offences, but they couldn't touch my money.

Pay the money due, you shoddy little poylp

**BrilloPad** · 9 September 2008, 18:36

Originally posted by Nom de Plume View Post

Hi all, I have a hypothetical question that I would be grateful for your thoughts on.

My, er Friend, has recently left the UK for good.

He understands that the taxman has a branch specifically set up to chase people that have gone overseas and owe money, and he is still in the commonwealth so would expect his new home to cooperate, therefore he fully intends to make sure that all his personal taxation is settled correctly.

He also has a Limited Company that he was using for his contracting. This company has enough cash in the bank to pay the large five figure corporation tax bill that is due next June.

My, I mean his, question is, what is the worst that could happen to him if the company were to find itself unable to pay the corporation tax bill next year because all the money has gone?

I would appreciate any thoughts that you might have on the matter.

Many thanks.

DEpends what your risk profile. If you don't worry easily then you might get lucky and get away with it. But then you might not.

As it is clear you owe the tax and can affod to pay it - I reckon you should pay up.

**basshead** · 9 September 2008, 19:36

Originally posted by NotAllThere View Post

poylp

**NotAllThere** · 10 September 2008, 05:27

**DS23** · 10 September 2008, 11:07

i could be talking out my exhaust pipe but iirc there are some taxes that are only liable if you return to uk soil within a certain time period.

**wantacontract** · 12 September 2008, 08:50

depends on where you're going and if you were ever going to come back...

I had a friend from Nigeria...she charged vat, only contracted for 1 year, then disappeared back home to Nigeria without paying any VAT or corporation, although she did pay PAYE.

**Nom de Plume** · 12 September 2008, 16:30

Thanks for your comments.

I had hoped that someone might have been in a similar position in the past re not being able to pay the corporation tax when it is due. I realise that it is actually quite difficult for our companies to end up making a loss one year after several years of profits, but I thought that someone might have been there during the last down-turn.

Originally posted by NotAllThere View Post

Pay the money due, you shoddy little poylp

Oh, and

I think you meant to call me a polyp.

What is the worst that could happen?