Recent content by T'Mighty Tcake

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    Liquidating with ODLA caused by BBL

    err - well, I wasn't actually complaining. I was stating why someone might take dividends (unlawfully) when they were told by their accountant that it was ok to do so. So giving an example of my situation and why I took it on my accountant's advice. May I ask, What your complaint is exactly...
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    Liquidating with ODLA caused by BBL

    japancool, Yes but my point was, that a times, as in my case, the professional advice was totally incorrect. I had many meetings with my accountant, at my request, to ask what could do about my situation. No one is born knowing about these things, and that’s why a person seeks professional...
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    Liquidating with ODLA caused by BBL

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    Liquidating with ODLA caused by BBL

    No need to start a separate thread. I was simply responding to that particular post regarding directors responsibilities and giving an example of bad advice given by a tax professional and not necessarily looking for replies
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    Liquidating with ODLA caused by BBL

    ` Hmm I’m not so sure. The OP is in a very similar situation to myself. I specifically asked my accountant how to pay myself In the lockdown and if it was ok to use the bounce back loan. He said Yes. I have it in writing. Now I’m in this situation with an overdrawn director’s loan account...
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    ltd company and sole trader

    There was no 79k. The business has never made that much, ever!
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    ltd company and sole trader

    Sorry for the confusion, Lisa. I've been told by two Insolvency practitioners that I will need to pay the fee upfront. This is why I cannot pay in instalments. It would take years to be able to save that amount. Therefore, I'm not looking to liquidate.
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    ltd company and sole trader

    I literally don't have £5000 to pay an insolvency practitioner. Yes I have said several times that I cannot afford an IP - this is the truth! I simply do not have the upfront funds! its a tiny company I am only making token payments to HMRC, it will take a long time to clear, so this is why...
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    ltd company and sole trader

    You could have paid yourself the same amount through payroll and not had any issues. Your accountant should have explained that. I wish I had known this. Honestly, this situation is such a mess.
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    ltd company and sole trader

    Thanks Heyes. Yes, I was told by the Business `debt helpline that they would automatically object and then told me what to expect from there. Yes, maybe it was lack of awareness. I was never in debt prior to the pandemic and ran the business well. When we were locked down there was a total...
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    ltd company and sole trader

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    ltd company and sole trader

    Thanks so much for your reply. I am drawing an income from the company - that's the reason why I started the company. I don't intend to use it as a bank, but its purpose really is to provide me with an income. I realise that it cannot continue, so this is why I'm looking at other options...
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    ltd company and sole trader

    Hi all. Ltd company was doing really well until we went into lockdown. One director, no employees, no assets and just me in the business. As a director, I didn't qualify for any self employed grants etc, and was told that I could use the bounceback loan to pay myself, by my accountant, while...
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    My Business Has Failed and I Don't Know What To Do?

    Dear Jojo Please know that you are not alone in this horrible situation. I know how worrying it is having business debt and creditors chasing you. My business too, is also failing and it looks like I will closing down my business. I spoke to business debt helpline earlier today and they...
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