Creditors Voluntary Liquidation Creditors Voluntary Liquidation - Page 3
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  1. #21

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    HMRC lodged claim for CT. But I dont have money to pay that at least for the next 5 years.

    Any one please guide me to go through this pain?

    I agree initial checks or knowledge would have made but new to this world. I have relied full on accountant but came to know that thats not correct. At the end I am in a big hell and causing more sleepless night from over few months.

  2. #22

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    Quote Originally Posted by spec0203 View Post
    Can I know what do you mean by OP?
    OP = original poster. You.
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  3. #23

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    Quote Originally Posted by spec0203 View Post
    I have owed the money to HMRC around 17k and no funds in the company account as there was no trading.
    Not true. There were no funds in the company because you had declared an illegal dividend and took the money out that didn't belong to the company.

    You spent money that belonged to HMRC, so somehow you need to rectify that. And if the dividend is reclassified as undeclared income, then you'll have PAYE and NI to pay on top of the corporation tax bill.
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  4. #24

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    Quote Originally Posted by spec0203 View Post
    HMRC lodged claim for CT. But I dont have money to pay that at least for the next 5 years.

    Any one please guide me to go through this pain?

    I agree initial checks or knowledge would have made but new to this world. I have relied full on accountant but came to know that thats not correct. At the end I am in a big hell and causing more sleepless night from over few months.
    HMRC are not going to wait 5 years. It will be 3 years tops.

    You are going to need a personal liquidator.

    Sorry, but from what you have said, there is no simple solution. You owe HMRC the money. You need to find that money. Do you have any assets? Are you married? Any children?

    I have started threads before on going bankrupt. Its not that bad by all accounts. Tough for a while, but a lot better when you get going.

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  5. #25

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    Many Thanks for all the replies and its much appreciated.

    I will find some source or personal loan to pay that money as HMRC lodged claim for that.

  6. #26

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    Quote Originally Posted by spec0203 View Post
    Thanks for the reply.

    I have owed the money to HMRC around 17k and no funds in the company account as there was no trading. Hence took advice of friends and went for CVL (Creditors voluntary liquidation). After 12 months liquidator asking why you took dividends when there is a CT is due.

    I am not doing any trading after company made insolvent.

    I have left the country after the company made insolvent and came recently to UK to find a job.
    I am a little lost by this aspect.

    Are you a UK citizen? Did you spend all the money and leave then come back when you thought it was safe to do so? And now you find that HMRC have a long memory?

  7. #27

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    Quote Originally Posted by spec0203 View Post
    Many Thanks for all the replies and its much appreciated.

    I will find some source or personal loan to pay that money as HMRC lodged claim for that.
    That would make sense! It will be a weight off your mind.
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  8. #28

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    Sorry, but from what you have said, there is no simple solution. You owe HMRC the money. You need to find that money. Do you have any assets? Are you married? Any children?
    HMRC will accept your wife and kids as payment now?????
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  9. #29

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    Quote Originally Posted by northernladuk View Post
    HMRC will accept your wife and kids as payment now?????
    Sorry NLUK. I was expressing concern for the OP's private life. I will try not to do it again.

    However, were HMRC to accept wives, I have got 2 I can give them to pay for my S58 debts...
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  10. #30

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    Quote Originally Posted by northernladuk View Post
    HMRC will accept your wife and kids as payment now?????
    NLUK, I will be taking a personal loan and going to pay that amount.

    Please remember every one makes mistakes and only few will rectify that. Please respect them.

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