Originally posted by ladymuck
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Limited Company Director Change
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Limited Company Director Change"
Collapse
-
Originally posted by ladymuck View PostThe OP never came back, so we'll never know.
Leave a comment:
-
Originally posted by wattaj View PostOk, I'll bite: what happened to the CorpTax and VAT money that is due to HMRC?
Now isn't the time for anyone to get preachy about war-chests - we're far from that situation and the guy is clearly desperate enough to be considering illegal things.
First thing I'd do is ring HMRC and explain that you've let this all get on top of you and admit that you panicked. You won't be the first person (or the last) that's new to contracting and didn't get a full understanding of the VAT and tax side because you hoped your accountant would just simply deal with everything. Ask them what you can do to get back on track because it's causing you stress and sleepless nights. Be humble and grateful and accept whatever they say. Form a plan to achieve it and put it into action. The hardest part is achieving any of it without any income though; ask them to factor that in whatever advice they provide.
Leave a comment:
-
Originally posted by 514910445 View PostHi Experts,
I am looking for advise on changing Directorship to other person for my Limited Company(i am the only director currently). I have some debts to HMRC(Corp Tax(One Year) and VAT(6 Months). Will they be transferred to New Director or are they still with me? who will be responsibility to those debts?
Please help on this.
Thanks
Leave a comment:
-
Originally posted by mjcp View PostGet your Bounce Back Loan, pay your creditors. That deals with the 1st, most pressing issue and is the cheapest way out short of someone giving you £ for nothing.
(edit: Pay the CT 1st, they charge interest on that one, but not on VAT. You've probably already had the penalties for the VAT anyway, so effectively its not costing any more than lost sleep currently)
Then... keep trading, paying everything on time (inc. the BBL when it becomes due) or stop invoicing, but keep the business open and keep paying money in yourself (assume no cash in the business) in 'till the BBL is repaid.
(a 3rd option is to then fold the business in a few months / years and the gov't sorts out the mess with the lender, but by then you'd have repaid the CT, VAT and kept up to date with future liabilities (...right?! do it! Don't make the mistake twice!), so you could argue the loan was valid *now* to get you through Covid and circumstances *then* (i.e. in the future) have caused the business to fail) - not morally good and might still bite you... There will be shed loads of small businesses going under post covid and mid recession, you have to hope that having a clean CT, PAYE and VAT slate together with *some* repayment to the BBL will make you less likely to show up on the IS radar for a closer look. Danger: you might fall fowl of pheonixing if you fold and restart in a shiny new PSC to keep on contracting... Umbrella might be the way to go for you!
M
if the company fails then phoenixing is less of an issue, however being a struck off director might be
Leave a comment:
-
Get your Bounce Back Loan, pay your creditors. That deals with the 1st, most pressing issue and is the cheapest way out short of someone giving you £ for nothing.
(edit: Pay the CT 1st, they charge interest on that one, but not on VAT. You've probably already had the penalties for the VAT anyway, so effectively its not costing any more than lost sleep currently)
Then... keep trading, paying everything on time (inc. the BBL when it becomes due) or stop invoicing, but keep the business open and keep paying money in yourself (assume no cash in the business) in 'till the BBL is repaid.
(a 3rd option is to then fold the business in a few months / years and the gov't sorts out the mess with the lender, but by then you'd have repaid the CT, VAT and kept up to date with future liabilities (...right?! do it! Don't make the mistake twice!), so you could argue the loan was valid *now* to get you through Covid and circumstances *then* (i.e. in the future) have caused the business to fail) - not morally good and might still bite you... There will be shed loads of small businesses going under post covid and mid recession, you have to hope that having a clean CT, PAYE and VAT slate together with *some* repayment to the BBL will make you less likely to show up on the IS radar for a closer look. Danger: you might fall fowl of phoenixing if you fold and restart in a shiny new PSC to keep on contracting... Umbrella might be the way to go for you!
M
Leave a comment:
-
Originally posted by GhostofTarbera View PostHi friend
I can give you £500 for drugs if you become director in my company and I walk away
Friend - yes please
HMRC - hold my coat
Sent from my iPhone using Contractor UK Forum
Leave a comment:
-
Hi friend
I can give you £500 for drugs if you become director in my company and I walk away
Friend - yes please
HMRC - hold my coat
Sent from my iPhone using Contractor UK Forum
Leave a comment:
-
Originally posted by northernladuk View PostI'd imagine when you are trying to get out of situation you've made yourself without any liability he doesn't want to go to a professional as he knows they probably wont be interested in advising people how to cut and run.
But in that case professional advice is exactly what’s needed. Maybe not sausage machine accountant, but they’re the people who know what to do.
The best we can do is try and guess the details and offer some occasionally questionable (often very good) advice.
Leave a comment:
-
Originally posted by Lance View PostThis is a complex problem to which we on this forum have nowhere near enough details to provide proper advice.
Seek professional help, starting with your accountant, and then ask more specific questions here.
Leave a comment:
-
Originally posted by 514910445 View PostHi Experts,
I am looking for advise on changing Directorship to other person for my Limited Company(i am the only director currently). I have some debts to HMRC(Corp Tax(One Year) and VAT(6 Months). Will they be transferred to New Director or are they still with me? who will be responsibility to those debts?
Please help on this.
Thanks
Changing directors will not fix this nor will it make it worse.
If the company is insolvent then the director has a bigger problem in that trading while insolvent is illegal.
And any potential director would be likely to refuse to take responsibility for that mess.
The shareholders are a different matter, as they ‘own’ the company. Limited liability protects shareholders, but doesn’t protect director/shareholders who caused the situation so well.
This is a complex problem to which we on this forum have nowhere near enough details to provide proper advice.
Seek professional help, starting with your accountant, and then ask more specific questions here.
Leave a comment:
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: