Rightio, just doing the VAT & accounts on my new retail business and as I thought, yes it's fooked.
Looks like i've pissed 20k up the wall on this investment, and having bailed it for the last quarter, not enough moolah to pay the VAT this quarter. Deffo not going to be able to pay the wages this month for the staff and the VAT. So one has to give.
(Now yes obviously I can pay it from a personal perspective but thats not the point)
But what happens when one of your businesses starts trading insolvently. Can I phone the VAT office and plead poverty? or wind it up?
Looks like i've pissed 20k up the wall on this investment, and having bailed it for the last quarter, not enough moolah to pay the VAT this quarter. Deffo not going to be able to pay the wages this month for the staff and the VAT. So one has to give.
(Now yes obviously I can pay it from a personal perspective but thats not the point)
But what happens when one of your businesses starts trading insolvently. Can I phone the VAT office and plead poverty? or wind it up?
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