An update - help needed with HMRC time to pay plan

Discussion in 'Insolvency' started by ITcontractor17, Feb 26, 2018.

  1. ITcontractor17

    ITcontractor17 UKBF Newcomer Free Member

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    Hey all,

    I posted some time ago asking for advice regarding owning Corp Tax to HMRC and thank you for those who helped.

    So I contacted HMRC debt support line and agreed to a Time to Pay over a 12 month period.

    At the time I thought I got this, I made my first payment some time ago but my current contract may come to an end soon so I may be unemployed soon and money is already tight as it is.

    What are my remaining options?

    Would a debt management charity like Step Change be able to help?

    Any advice for an IP or liquidation or CVA?

    Thank you.
     
    Posted: Feb 26, 2018 By: ITcontractor17 Member since: Jun 3, 2017
    #1
  2. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

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    I don't know what your previous post stated.

    I believe Stepchange only deal with personal insolvency procedures.

    If contract is due to end I can't see how a CVA would work without any income or assets from the Company, especially as it seems as if you have breached the HMRC TTP. They are more likely to reject a CVA offer.

    Liquidation could be a possibility through Court or Voluntarily but don't have enough information to go on at this stage - can you tell us more please?

    What assets and liabilities does the company have?
     
    Posted: Feb 27, 2018 By: Lisa Thomas Member since: Apr 20, 2015
    #2
  3. ITcontractor17

    ITcontractor17 UKBF Newcomer Free Member

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    Thanks Lisa for your reply.

    The Time To Pay agreement is still active, I'm going through the scenarios of what if I'm unemployed or struggling financially.

    The company has nothing and I owe only HMRC of around £3100.

    Many thanks
     
    Posted: Feb 27, 2018 By: ITcontractor17 Member since: Jun 3, 2017
    #3
  4. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

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    Do you owe a Director Loan Account?
     
    Posted: Feb 27, 2018 By: Lisa Thomas Member since: Apr 20, 2015
    #4
  5. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

    2,451 295
    Posted: Feb 27, 2018 By: Lisa Thomas Member since: Apr 20, 2015
    #5
  6. ITcontractor17

    ITcontractor17 UKBF Newcomer Free Member

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    Thanks Lisa.

    I haven't logged into my accountant's portal site for a long time so I wouldn't know at this time whether or not I do have a directors loan.

    But what happens if I do?

    And also am I allowed to strike a company with HMRC debt and if successfully would that mean I could cancel the direct debit for TTP?

    Many thanks.
     
    Posted: Feb 27, 2018 By: ITcontractor17 Member since: Jun 3, 2017
    #6
  7. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

    2,451 295
    If you do owe a DLA then, depending on the figures involved, you could use the repayments to cover the costs of Liquidating.

    As I said re HMRC you have to give them notice of the strike off application and they are likely to object.
     
    Posted: Feb 27, 2018 By: Lisa Thomas Member since: Apr 20, 2015
    #7
  8. ITcontractor17

    ITcontractor17 UKBF Newcomer Free Member

    10 0
    Ah I see. Thank you Lisa.

    I did tell HMRC that I do plan to close the company after the corp tax been paid.

    I have always paid tax and PAYE on time and in full.

    I will try my best to carry on with TTP and hopefully if it gets too much I will call them and explain.

    Many thanks,
     
    Posted: Feb 27, 2018 By: ITcontractor17 Member since: Jun 3, 2017
    #8