Spongebob

Spongebob

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  • M
    What is the best way to make a limited company insolvent when I have over 10k in corporation tax due. No other creditors are due monies.
    Unable to trade any longer. I have paid myself in dividends will this matter when trying to make the company insolvent?
    S
    I worry about the outcome and whether it will affect me personally. Please let me know if you can help. Thanks. Spencer
    S
    I did not know that a winding up order had been served and a court hearing had been held. I spoke over the phone with the OR and he indicated that the company owes HMRC over £25K which I believe is wrong and I do not recognise. Since I did not attend the court hearing, I could not challenge this. Please I need advice on how to best prepare for the interview.
    S
    Ever since the company did not trade at all, i.e. no moneys came in/went out of the company. Up until that point I was using an accountant. Then I stopped paying the accountants fee as company not trading. Nil year-end accounts were filed ever since company stopped trading. The company has no realisable assets. I have now been contacted by the Insolvency Service explaining that I need to attend interview with the OR.
    S
    Dear Spongebob, I have just opened a thread in the insolvency forum. Please I need advice on how best deal with the OR and you seem knowledgeable. I am a director of a limited company. I was the only employee/director. I worked as a contractor for a manufacturing firm. Then work dried up and contract was finished 5 years ago meaning trading stopped.
    S
    Hi there, i read your letter, and sent in the relevant form to voluntary strike off the company, i don't owe creditors just hmrc 6k corp and 4ish vat, they put the notice in the london gazette but after that the registrar refused the strike off..... should i re submit the forms again? thank you in advance
    S
    • S

      smurfys-lawn

    something noted on company saying
    Action pursuant to section 1003 of the company act 2006
    T
    My Ltd company is being liquidated by HMRC. My bank account is rendered useless but I have 2 months worth of invoices to put into a company that I did consultancy for. What's the best way to try invoice can I simply change the bank account details from the company one to my personal one and hope for the best? Do I still charge VAT for the last 2 invoices to avoid raising any suspicion with the invoiced company?
    T
    Hello, I wonder if you could help. I'm looking to follow your SB plan however I'm a bit lost with the tax returns. My accountant has sent me draft versions of company tax returns including personal tax computations. What should I do with these? Full details in this thread: help-can-i-use-the-sb-plan. Thank you in advance!
    S
    Hi Spongebob, I created a new thread called "Following Spongebob Plan with 9 staff and no assets?" could you take a look an offer advice if possible? Thanks in advance.
    N
    Hi there, thank you for sharing the insolvency post. Really helpful and it's so reassuring to know this can be used as a learning curve when the going gets tough. You're a great person, cheers!
    Cheryl Faulkner
    Just read your post , It has helped me so much, I have been trading since 01st Dec 16 as a hair salon, I have put in £43k, but due to major staff problems have to cease trading. Business in £5k debt HMRC £3k & suppliers around £2, I cannot pay my staff this month, and in a 12year lease , Contacted various IP bust all want money upfront, which I do not have. Any advice would be appreciated . Thank you
    V
    Hi, Ive ran a ltd company for 8 years, we have now stopped as we were getting further into debt. I owe a few creditors & the VAT man. Ive kept upto date with my vat returns (not paid the last 2), self assesments. I have no money coming in from this business. I cant afford to pay a liquidator or an accountant for my year end in 2 weeks. do u have any advice u could share please?
    H
    Hi Spongebob, i saw your post on my question and im confusedBut need help. Will i get in trouble for £4k VAT, 6K CT and 2K Self Assess Tax. Ive spent it on mortgage and supporting my partner. and other things too!!! Shall i pay the SAT, and sit dormant for 3 months?
    Are you contactable privately
    M
    Hi, I am an art advisor. At the end of the month I am due to pay my income tax for the 2nd year of 8K. I have no money to cover that. My accountant has not yet filed the accounts for year 2. Should I contact the HMRC prior to my accountant submitting the year 2 accounts? What is the likelihood of actions taken by HMRC?
    M
    Hi Spongebob,
    Thanks for giving such good advice.
    I can of course follow the Spongebob plan - and am really grateful. My q. is, does it still work if HMRC have contacted me first? I received an email yesterday notifying that they're presenting a winding-up petition (previous letters hadn't been fwd'd by accountants). Does the Spongebob plan still work if HMRC try and wind up first?
    Many thanks for your help
    R
    Dear Spongebob do u have a specific post/information on the steps to follow if you cannot afford to use insolvency practitioner? Your posts are so relevant but confusing me into how I follow procedures. I am happy to pay for this as I wouldn't expect this for free. We had cash flow issues for 6 months now, and expect for the company to become liquidated? as we have debts totalling to approx £60k. Thank u
    M
    Hi Spongebob - I may have to wrap up my Ltd company having settled VAT but with corporation tax of around £15k owing to HMRC. I read guidance that you gave around April 12 advising that effectively the liability is the company's and I am not liable unless I've been reckless or fraudulant. Is this still the situation in principle?
    M
    Hi Spongebob - I may have to wrap up my Ltd company having settled VAT but with corporation tax of around £15k owing to HMRC. I read guidance that you gave around April 12 advising that effectively the liability is the company's and I am not liable unless I've been reckless or fraudulant. Is this still the situation in principle?
    D
    started a thread pls see
    threads/limited-company-closure-and-consequences.375528/
    D
    Hi Spongebob,
    company ran into losses over the 2 yrs . I have no assets or funds available. The company owes accountants £2k, Utility CT&VAT. I have requested strike off from the company house and informed HMRC of closure but no response.Would the debt collection agency find me in default? Will all this impact my future job prospects or credit report?
    L
    Hi Spongebob,

    Pls help! My husband has a ltd company and due to ill health he is forced to close. The company has little or no assets, however we have a start up loan (30k) remaining and an od. 3 small sme loans (15k) and 5 year lease. All the above with a pg. he has not defaulted on anything yet, Will your plan be suitable for my husband. He can't afford an ip,
    S
    Spongebob, I wonder if it is possible to communicate with you in private? (I am not a full member here). so perhaps by email?
    R
    Hi Spongebob - ive just joined this forum to send you a pm but cannot work out how to do so. Caught your post which is very helpful but hope to ask you a couple of questions regarding my situation. Look forward to hear from you
    C
    Hi - please can someone direct me toward the detailed Sponge bob plan? My company ceased trading last June with no funds or assets and owes ~£17k in corporation tax.
    • Like
    Reactions: Simslee
    S
    Hi did you find this
    I’ve been unsuccessful in finding it too
    C
    Hello can I get some advice on how to liquidate my husbands business? 25 000 overdraft and owe 4 000 to a builders merchant. He is not personal guarantor. Should we follow the spongebob plan?
    F
    Hi, I think this is where I PM you. Just posted my predicament involving your plan but with the intoxicating infusion of not having registered for VAT for the last three years of trading. Hope my exposed and vulnerable position is entertaining enough to get your most valued opinion! - Many thanks in advance, FizzPop
    M
    Hi Spongebob - can you offer any advice - I've posted a title under legal called insolvency and preferential payments that I'd really appreciate your feedback on - Thanks in advance, only posting on this forum as I've read your non condescending, non judgmental advice and would really appreciate your thoughts - Thanks, Gregg
    S
    Hi, I have posted a thread called Liquidation Turmoil and wondered if you might have a look? I am alone in making a decision and am very confused about best thing to do.
    Appreciate your help - Sarah
    S
    Hi spongebob been reading your threads and they are good solid advice is there any chance of looking at my post in the forum and giving me some advice please
    L
    Hi SpongeBob , you've helped me in the past with letters I've sent to companies as an old business I had that became insolvent which helped a lot. Thanks again.

    I now have a new issue with a local company to me.
    Thanks again and look forward to hearing from you.
    Miss Piggy
    Hi Spongebob, hoping you could give some advice on my post when you have spare time please. I am in a pickle and really not sure what to do! Much appreciated :)
    J
    Spongebob - thank you for your help, it's appreciated. My company owes HMRC and it may face insolvency. I would value your insight in to process, action to take and expected outcomes. (I understand there are no guarantees etc). If you'd like me to PM you, then let me know, and of course you may PM me. Thanks, Johnny
    G
    Hi SpongeBob, would I be able to ask you a couple of questions about my current company state? To be honest just reading your info so far has helped me so much and put my mind at ease so thank you, nothing has helped as much as your advice so far! How can I PM you? Thanks
    1
    Hi I desperately need your help please. Id be grateful for any advice you are able give me. many thanks
    R
    Hi - desperately need to PM with you. Going nuts and need to speak with someone who understands my predicament.
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