makka
16th January 2009, 00:43
Hi and Thx in advance for any help,
I set up a LTD consultancy firm around 18 months ago and my accounts are dure in March 2009. All was well at first but then I lost my main contract at the end of Sept 2008.
It was my first venture and I am not experinced in accounts side of things. I was advised by the IR that I could submit my own accounts and at the time thought this was the best course. I have not registered PAYE but did for the Flat Rate VAT Scheme and have paid on time apart from the last one or two quarters.
I now find myself in a position where I have no money or assets in the business and after seeking advice from an accountant I was advised to liquidate at a cost 5000GBP which I don't have. The business has no assets and creditors are IR I don't know what I would owe them and VAT approx 5000GBP
My main concern is being chased by the IR VAT, I don't know what to do someone has mentioned getting struck off but I have recently submitted an annual returns form to CompHouse as I was hopeful of finding more work and don't know if this would make a difference.
Please advise on the best option for me I feel as though I am in a real hole !
Makka
I set up a LTD consultancy firm around 18 months ago and my accounts are dure in March 2009. All was well at first but then I lost my main contract at the end of Sept 2008.
It was my first venture and I am not experinced in accounts side of things. I was advised by the IR that I could submit my own accounts and at the time thought this was the best course. I have not registered PAYE but did for the Flat Rate VAT Scheme and have paid on time apart from the last one or two quarters.
I now find myself in a position where I have no money or assets in the business and after seeking advice from an accountant I was advised to liquidate at a cost 5000GBP which I don't have. The business has no assets and creditors are IR I don't know what I would owe them and VAT approx 5000GBP
My main concern is being chased by the IR VAT, I don't know what to do someone has mentioned getting struck off but I have recently submitted an annual returns form to CompHouse as I was hopeful of finding more work and don't know if this would make a difference.
Please advise on the best option for me I feel as though I am in a real hole !
Makka