Do you know someone who's war-chest ran out?

[psychocandy]

Hopefully broadly on-topic...

How long would your war-chest last?
Will it keep you going for 6 months? 12 months?

What amount (in terms of time) would make you feel "safe"?

This time had about 8 months going in - 2 months down (one month was planned though). Would have been happier starting off with 12 months +

To be fair, it would have been longer but my sideline contract ended too at about the same time (bad timing). Not a huge amount but it was some income (although of course I wouldnt have been able to claim JSA then).

[psychocandy]

Evidence they do it yet no evidence about who gets caught. I wouldn't assume that people get away with it for one minute. We don't see people getting caught, that is very very different.

For example, we see plenty of people pushing their tax affairs over and above the limit on here, but we don't see anyone posting they got caught or had to pay yet the news says

Small business tax investigations - It may be your turn next! - HW Fisher

But there do seem to be tons of people stupid enough (or clever enough) to just spend the money and then hold up their hands.

Seen a few people give advice on there saying its a ltd company. Sit tight they'll never get the money out of you.

Totally wrong that is mind....

Mind you own dear brother has done something similar in previous years. Slightly different but he was self-employed, spent the lot down the pub, ignored letters. They did finally catch up with him but because he could never pay it back (its was over £20K or so by now), they let him off more than half of it and just left it at letting him pay some back every month.

Of course, my family thought it was wrong of the big bad government to do this to him. Lets just say I'm not popular by pointing out that the greedy twat led the life of riley for years paying tulipe all tax while the rest of us have, so its hardly unfair that hes now got to pay back less than half.

[northernladuk]

Seen a few people give advice on there saying its a ltd company. Sit tight they'll never get the money out of you.

There is a difference between never getting the money out of you or not being legally able to. With the first it's a matter of just fighting them tooth and nail and not giving them their money. Probably not a very nice place to be in unless you really don't care about your credit rating and being a director and everything else that legal proceedings ruin for you.

What you probably mean is people giving advice that they cannot come after you personally for LTD company debts which isn't totally true. If HMRC have a feeling you are trading fraudulently or wrongfully trading they can come after you personally. Unfortunately they don't seem to do this very often.

[psychocandy]

There is a difference between never getting the money out of you or not being legally able to. With the first it's a matter of just fighting them tooth and nail and not giving them their money. Probably not a very nice place to be in unless you really don't care about your credit rating and being a director and everything else that legal proceedings ruin for you.

What you probably mean is people giving advice that they cannot come after you personally for LTD company debts which isn't totally true. If HMRC have a feeling you are trading fraudulently or wrongfully trading they can come after you personally. Unfortunately they don't seem to do this very often.

No plans to do so myself LOL.

Its wrong that people get away with this though....

I'm of the mind that if you're too stupid to realise that VAT and/or CT money is not yours then you deserve all you get.