This is for a Plan B co. that I started with somebody else as a 50/50 split a couple of years ago. In the first year (07/08) we invoiced about £7K, but only ever received about £2K. I've actually carried on doing the same thing, but the other guy didn't want to continue so I've been doing that through plan A co., but we kept the original company going in the hope that the money would turn up.
The client company is sort of still going in a very small way, and we did recently receive a small (£400) payment. But I think the chances of getting the money is small, and keeping going is not worth the hassle (and I think I've just got us a fine by forgetting to submit the accounts).
But the problem is we had to pay CT based on the ~£7K profit, about £1500. It'd obviously be nice to "write off" (if that's the right term) the nearly £~4.5K of that that we never received and get a refund on the tax.
Given the sums involved paying an accountant is not cost effective.
Any suggestions on how best to sort out the mess?
Ta.
The client company is sort of still going in a very small way, and we did recently receive a small (£400) payment. But I think the chances of getting the money is small, and keeping going is not worth the hassle (and I think I've just got us a fine by forgetting to submit the accounts).
But the problem is we had to pay CT based on the ~£7K profit, about £1500. It'd obviously be nice to "write off" (if that's the right term) the nearly £~4.5K of that that we never received and get a refund on the tax.
Given the sums involved paying an accountant is not cost effective.
Any suggestions on how best to sort out the mess?
Ta.
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