Reply to: Help needed plese

[Joeman]

(remembering it is only tax on £3,000 earnings)

So assuming its your sole income for the tax year, you better hurry up and write the tax man a cheque for the grand total of £0.00 with a very apologetic letter that costs him more to read than you're paying him!!

[Manatu]

Troll

and u are my hero..... Hope ur as much of a hero when cancer hits ur life.
give me ur address and i will come and say thanks personally.

[northernladuk]

Troll IMO

[Manatu]

Ok thanks for the replies I think it did not come out correctly. This is not all bad, yes I have made a cow of things, but im only a month out infoming the tax. I have not set up paye and Iam just paying myself and one other from the bank so if I inform the tax and pay any taxes due I should be straight.
I did have an accountant but he has moved to run an office 50 miles away so there has been little contact. Im just worried about the whole tax thing and never meant to let it go but with the wife's illness I got carless and when I wasn't working I was looking after the kids when she was unwell etc. Things are better at the moment and I have work on the books so should I just come clean to the IR and write them a letter and hope they will let me pay up my back tax (remembering it is only tax on £3,000 earnings) and not my corp tax which is not due until March 2013 I think.
As always any help fully appreciated.

[JamJarST]

Hey, c'mon, give the guy a break; he's asking for some advice, not looking for criticism/sarcasm on how he has run his business.

Best advice already provided; go see an accountant and be completely open and honest about stuff.

I wasn't being sarcastic, I was trying to find out why he has turnover of £20k and "very little profit".

[SteelyDan]

You have expenses of nearly £20k?

Hey, c'mon, give the guy a break; he's asking for some advice, not looking for criticism/sarcasm on how he has run his business.

Best advice already provided; go see an accountant and be completely open and honest about stuff.

[JamJarST]

Hi,
I registered a Limited company in July 2011 and have a business bank account etc. I have done about £20,000 of work but with very little profit and have taken wages from this. I have not informed IR that I started trading in Sept 11 mainly due to the fact my wife has been diagnosed with incurabl cancer and I have had little or no time in my life latley. My main question is can I just close the company at CH as no accounts are due. Can I also just close the business bank account. Iam planning on taking a month or so out to start up properly again but am concerned that I may have a liability due to IR. Would this be a risk or do you think I would be ok? Thanks

You have expenses of nearly £20k?

[Wanderer]

I registered a Limited company in July 2011 and have a business bank account etc. I have done about £20,000 of work but with very little profit and have taken wages from this. I have not informed IR that I started trading in Sept 11 mainly due to the fact my wife has been diagnosed with incurabl cancer and I have had little or no time in my life latley. My main question is can I just close the company at CH as no accounts are due. Can I also just close the business bank account. Iam planning on taking a month or so out to start up properly again but am concerned that I may have a liability due to IR. Would this be a risk or do you think I would be ok? Thanks

No, it's not OK. Trying to close the company down without paying any tax will cause you a world of threatening letters and fines over the next 6 to 12 months and you can obviously do without all that aggravation.

This problem will NOT go away by itself but it's NOT a big deal to get it all sorted out. However, you can't do it yourself, you must get professional help. Get yourself a friendly accountant (a few post on here), hand them all the details and ask them to give you a quote to sort it all out and close the company. Be open and honest with them and ask them to discuss what your options are. They can make sure it's all done in a tax efficient manner and help you avoid getting fined/threatened/stressed while closing the company down so you can get on with dealing with more important things.

[stek]

Put 100% shares in your wifes name and dont worry about it

(yes i know..... )

Bet you get an infarction for that! Prolly worse!!

[Joeman]

due to the fact my wife has been diagnosed with incurabl cancer

Put 100% shares in your wifes name and dont worry about it

(yes i know..... )

[stek]

You think the op has an accountant??

I'm hoping for a Nixon Williams referral!

[cojak]

You do have an accountant, don't you?

[northernladuk]

Accounts are due, speak to your accountant to ascertain what the company owes and pay it, or you may find yourself a disqualified director as well personally bankrupt.

The days of gypping the IR are gone, tough cookies now.

So, let you accountant sort out the paperwork and you sort out the repayments.

You think the op has an accountant??

[stek]

Accounts are due, speak to your accountant to ascertain what the company owes and pay it, or you may find yourself a disqualified director as well personally bankrupt.

The days of gypping the IR are gone, tough cookies now.

So, let you accountant sort out the paperwork and you sort out the repayments.

[northernladuk]

You made money, you owe taxes. You cannot just shut the company and take the money.

I don't even know where to start with this one so on that I am out.