War chest Almost Depleted and Getting Desperate

[eek]

When do you plan to strike off the company? Please feed back if HMRC approve that as it would be valuable knowledge for others that are thinking about doing the same.

I suspect it won't be - as the large directors loan alongside the recent arrival of a large sum of money from the house sale will probably make the liquidator very interested in a close inspection.

[SussexSeagull]

I am so glad there are so many people who have lived unblemished lives on here who can sit in judgment of others.

[eek]

I am so glad there are so many people who have lived unblemished lives on here who can sit in judgment of others.

If that's aimed at me,it's simply because I've read the relevant posts.

Oliverson's company owes £54,000 in debts but has a creditor (a director, oliverson) who owes the company £30,000. Any liquidator is going to want that money to repay HMRC and at least some of the bank loan.

[SussexSeagull]

If that's aimed at me,it's simply because I've read the relevant posts.

Oliverson's company owes £54,000 in debts but has a creditor (a director, oliverson) who owes the company £30,000. Any liquidator is going to want that money to repay HMRC and at least some of the bank loan.

Not you in particular but I am aware this discussion has gone over two or three threads now so can't keep up with who said what.

It is not for me or anyone else other than their own conscience if closing down a company in an attempt to maximise how much money they take out of it (or minimise amount of debt) is morally acceptable and I am not qualified to judge the legality of it or how the HMRC will respond but I do know people are constantly encouraged on here to think like a business. Something similar to what is being suggested here is quite common in 'proper' business.

Must confess with the figures being mentioned I am surprised a few months out of contract is a problem but in general contractors were almost completely ignored by the Government for help. If someone takes the BBL and can't pay it back I really wouldn't blame them if they don't lose any sleep if the company fails and they can't pay it back.

[cwah]

I just took the BBL scheme. It greatly improved my liquidity. Can now live for 1 more year being cautious and without contract...

May still wonder if it makes sense to pay it back later on if contract are dried up...

[eek]

Not you in particular but I am aware this discussion has gone over two or three threads now so can't keep up with who said what.

It is not for me or anyone else other than their own conscience if closing down a company in an attempt to maximise how much money they take out of it (or minimise amount of debt) is morally acceptable and I am not qualified to judge the legality of it or how the HMRC will respond but I do know people are constantly encouraged on here to think like a business. Something similar to what is being suggested here is quite common in 'proper' business.

Must confess with the figures being mentioned I am surprised a few months out of contract is a problem but in general contractors were almost completely ignored by the Government for help. If someone takes the BBL and can't pay it back I really wouldn't blame them if they don't lose any sleep if the company fails and they can't pay it back.

This post elsewhere best express what you can and can't do with a Bounce Back Loan and why

For those trying to abuse the system, here's the list of do and don't with the money from the BBL:
Do:
- Pay yourself via PAYE salary.
- Pay your pension because its company expense
- Buy new equipment or anything related.

Don't:
- Pay dividend. You can only pay dividend from company profit. Loan is not profit so you shouldn't do that.
- Pay corporation tax / vat. Again, it should have been money that stayed in your bank account to pay for that.
- Give yourself a director loan. Not only it may be considered as income by HMRC for extra tax owed, but you may also be chased for debt by administrators should your company fold.

As long as you do the "Do's", should you not be able to pay back the loan and decide to fold the company, you wouldn't owe anything to anyone.

You would note that everything Oliverson has done puts him in the latter category...

[eek]

I just took the BBL scheme. It greatly improved my liquidity. Can now live for 1 more year being cautious and without contract...

May still wonder if it makes sense to pay it back later on if contract are dried up...

Which wouldn't be a problem as your viewpoint is logical and the same as the other posters on here who looks upon and treat their business as a business..

[SussexSeagull]

This post elsewhere best express what you can and can't do with a Bounce Back Loan and why



You would note that everything Oliverson has done puts him in the latter category...

As I said it wasn't specifically aimed at you and I agree with that assessment. Others were getting a bit preachy though.

[oliverson]

As I said it wasn't specifically aimed at you and I agree with that assessment. Others were getting a bit preachy though.

I wouldn't apologise to him. That guy is clearly a bell end and one envious one at that. I forgot to mention the sports car will have to go as well as I don't really want to be driving a RHD car on the left hand side of the road. Not that that will mean more equity as I'll still need a car out there.

[eek]

I wouldn't apologise to him. That guy is clearly a bell end and one envious one at that. I forgot to mention the sports car will have to go as well as I don't really want to be driving a RHD car on the left hand side of the road. Not that that will mean more equity as I'll still need a car out there.

Well there is definitely 1 bell end in this thread and I know it's not me who is leaving this country because they can't run a business when times get tough.