Reply to: Settlement, NI and limited company

[Ltdoptions]

Yes I registered interest for an individual settlement before the May '18 deadline. STILL waiting for calculations / offer though.

[webberg]

What if you're not the only director? This is my situation. I would be open to settling my personal liability, but I certainly can't afford to settle for the company as a whole.

Ask HMRC either yourself or via an agent.

I suspect that HMRC would expect you to settle your personal position but not your fellow director/shareholder.

[Ltdoptions]

What if you're not the only director? This is my situation. I would be open to settling my personal liability, but I certainly can't afford to settle for the company as a whole.

[webberg]

The terms of the November 2017 settlement offered by HMRC are very clear when it comes to situations involving you and your limited company.

You can settle everything yourself (and the company owes you money) or you can settle via the company (and perhaps you owe the company money).

I'd be surprised if a professional adviser didn't know that or tried to charge you for a personal AND a company settlement.

[here4beer]

If presumably you're the only director, isn't any company / personal settlement all one & the same anyway?

No, I assumed that too. Despite a full detailed explanation of my situation with all documents shared, my Letter Of Intent from the Tax Adviser only covers 'personal settlement', not 'complete settlement'. I only found this out half way through the process. Who would only want to only 'partly settle', why is that even an option lol.

[Ltdoptions]

If presumably you're the only director, isn't any company / personal settlement all one & the same anyway?

[here4beer]

Yes ltd NI employer/ee and personal. Tax is shown in both calcs but then effectively deducted from personal calculations as if it’s paid at source.

And that's you and your company fully settled - they're not readdressing your corp tax deductions?

[Iter]

Yes ltd NI employer/ee and personal. Tax is shown in both calcs but then effectively deducted from personal calculations as if it’s paid at source.

[here4beer]

Depends really on what other factors are in their calculations for each tax year ie other income/ divis etc but basically including interest it’s about 40%.
I did question some of the initial calcs, they then sent me a further detailed breakdown including other settlement options.

and that's limited company settled, AND personal settlement? That's not toooooo bad...

[Iter]

Settlement, NI and limited company

Depends really on what other factors are in their calculations for each tax year ie other income/ divis etc but basically including interest it’s about 40%.
I did question some of the initial calcs, they then sent me a further detailed breakdown including other settlement options.

[here4beer]

How is your settlement worded? Mine only refers to my personal PAYE liabilities but they then include a calculation of the limited companies NI (both Employees and employer).

I’m not sure what to make of it - I don’t want to settle personally then open up a can of worms for the limited company but then again the limited company is probably already on their radar.

What sort of % are they asking for? I'm settling personally PAYE too, but my limited company is still being investigated. Would be nice to know what sort of numbers I'm looking at. Thankyou

[fatpug]

My settlement is a calculation of ‘director making good’ as HMRC would put it, paying the ltd liability’s as well as personal.
Hopefully once settled then I can close the company, it’s been dormant for over 2 years.

How is your settlement worded? Mine only refers to my personal PAYE liabilities but they then include a calculation of the limited companies NI (both Employees and employer).

I’m not sure what to make of it - I don’t want to settle personally then open up a can of worms for the limited company but then again the limited company is probably already on their radar.

[here4beer]

My settlement is a calculation of ‘director making good’ as HMRC would put it, paying the ltd liability’s as well as personal

hello, what was the ltd companies liability? Did you do it yourself?

[Iter]

Settlement, NI and limited company

My settlement is a calculation of ‘director making good’ as HMRC would put it, paying the ltd liability’s as well as personal.
Hopefully once settled then I can close the company, it’s been dormant for over 2 years.

[QUODM]

Curious as to how your limited company was blocked from closing down?

I had a limited company, originally used for a scheme and closed it down middle of last year and no issues closing it.
Why do you think your company was blocked from closing?
In truth I had stopped using it on a scheme for a while and using a normal limited company, paying dividends etc.
Has anyone succeeded in closing down a company and had settlement figures for it?