Churchill Knight & Boox clients being investigated as Managed Service Companies

[Guy Incognito]

I'd like to remind anyone who think they may have paid themselves less than 50% of the company's revenue in any year to consult your tax lawyer as HMRC's demand can be killed that way. Qdos sent them the evidence of me withdrawing less than 50% during the year in question and eventually HMRC accepted it, set the liability to nil and I've since closed the company.

You don't need assistance, I did this myself for one of my three years.

[LondonJamesMc]

Can I close my company with this outstanding? If yes great, if no will I be able to do it after the tribunal?

[eek]

Can I close my company with this outstanding? If yes great, if no will I be able to do it after the tribunal?

Nope and probably nope afterwards. HMRC need the company open so they can get the money from the directors if the company hasn't got it.

Sorry to be the bearer of bad news but that's the reality.

[GregRickshaw]

Whilst eek is correct, HMRC have famously let many companies and their directors slip through the net on this one.

Those who didn't engage with HMRC and considering there are only around 200 fighting the case that means well over 1000 will get off 'Scott' free when HMRC win this. I have also heard but have no hard evidence of a few who managed to close their companies, HMRC though can re-open, I suspect the ones who claim they have closed their companies may have been those who didn't engage but it's all bit far east whispers.

The only fight now will be getting long TTP settlements with HMRC, trying to get the interest at a reasonable rate and holding onto any assets (your home) you may have.

Just an aside I paid on account in full and had my first two years thrown out, nearly 5 years on from handing my money over and 3 years on from them throwing my two years out I have yet to receive a penny back. I suspect I won't get to charge them interest.