Hi, theoritical situation:
I'm trading as a ltd company for 10 years and I get investigated and found to be "caught" by IR35.
I am taken to court and told to pay a huge tax bill, interest, and a penalty.
There is no chance of me being able to pay this. Next comes insolvency? So they would cease any monies and/or assets the company has and close it down. My house and personal finances would be ok though? No ones going to prison because they can't pay or anything. Am I right in assuming this ?
Thanks.
I'm trading as a ltd company for 10 years and I get investigated and found to be "caught" by IR35.
I am taken to court and told to pay a huge tax bill, interest, and a penalty.
There is no chance of me being able to pay this. Next comes insolvency? So they would cease any monies and/or assets the company has and close it down. My house and personal finances would be ok though? No ones going to prison because they can't pay or anything. Am I right in assuming this ?
Thanks.
Comment