Originally posted by speling bee
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Cannot pay VAT/PAYE due to Director's Loan - Need Advice !
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Originally posted by ASB View PostOf course the co can write it off. Triggers a tax charge.The material prosperity of a nation is not an abiding possession; the deeds of its people are.
George Frederic Watts
http://en.wikipedia.org/wiki/Postman's_ParkComment
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Originally posted by ASB View PostBoth are quite likely. If hmrc dont accept a repayment plan they can force admi istration. The admistrator will be forced to call the loan and issue bankruptcy proceedings.
Sell the car.
Pay it off.Comment
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EIM21741 - Particular benefits: loans written off: special rules
Originally posted by speling bee View PostTo the Director? If so, the OP can easily pay it off with the expected profits from the shares.Comment
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Originally posted by ASB View PostBoth are quite likely. If hmrc dont accept a repayment plan they can force admi istration. The admistrator will be forced to call the loan and issue bankruptcy proceedings.
If HMRC will simply send reminder letters and default notices as per penalty guidelines, then i'd rather keep quite and focus on finding means to repay them or should i contact them and let them know my situation?
What do you suggest?Comment
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Originally posted by deeniguy View PostFor now, my intention is to pay it off within the next few months and i am fairly optimistic about my stock returns and getting a job by October.
If HMRC will simply send reminder letters and default notices as per penalty guidelines, then i'd rather keep quite and focus on finding means to repay them or should i contact them and let them know my situation?
What do you suggest?
You need to hope that the stocks return to a level that means you can repay them the VAT money and the interest that is accruing on it, or you get a role that pays significantly more than your last one and is outside IR35 so that you can take the money out of the company without incurring a tax and NI liability.
Have you paid the NI yet, or is that still to come?Comment
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Originally posted by deeniguy View PostFor now, my intention is to pay it off within the next few months and i am fairly optimistic about my stock returns and getting a job by October.
If HMRC will simply send reminder letters and default notices as per penalty guidelines, then i'd rather keep quite and focus on finding means to repay them or should i contact them and let them know my situation?
What do you suggest?Comment
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You shouldn't even be considering ignoring them. The best chance you've got of any leniency is contacting them and explaining your situation and coming to an arrangement to make payment as soon as possible.
Have you even looked into the possibility of taking out a personal loan to cover this? It obviously depends on your credit situation so it might not be possible but personal loans aren't that expensive right now...I'd rather be in debt to my bank than the VAT man, personally.Comment
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Originally posted by deeniguy View PostFor now, my intention is to pay it off within the next few months and i am fairly optimistic about my stock returns and getting a job by October.
If HMRC will simply send reminder letters and default notices as per penalty guidelines, then i'd rather keep quite and focus on finding means to repay them or should i contact them and let them know my situation?
What do you suggest?
Good luck with that strategy..."I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank...Comment
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If you are planning on ignoring them, at least make sure you file an accurate VAT return. The penalties for not doing this are significantly worse than just not paying, eg. a deliberate and concealed error that you only disclose when HMRC prompt you for the facts gives rise to a penalty of between 50 and 100% of the amount due.Comment
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