Calling spongebob!! Heeellllppppp!!!

Discussion in 'Insolvency' started by Teequeue, Nov 13, 2019.

  1. Teequeue

    Teequeue UKBF Newcomer Free Member

    16 0
    Hi everyone ,

    I am looking to implement the spongebob plan and here is what I am going to do , please could people critique/advise me as to where I am going right/wrong .

    For your information this is the situation I am currently in, I am the sole director of my own limited company set up around 3 years ago. Long story short my partner lost her job while pregnant and I used the “corporation tax” money put aside to effectively keep our house and feed our family for the 9 months she could not work , leaving little to no money for us to live on still it was a tough year ...The company has no debts or creditors ,has no money and has not traded since April this year. The only thing it will owe is £5k calculated in corporation tax from the year April 2018-19 which my accountant is currently going to file to HMRC ...... I have got the relevant forms ds01 and I am going to sending them off to companies house and HMRC with accompanying letter from spongebob.

    Could someone please tell me if I should bother sending the tax return to HMRC??! Would it be better NOT to send a tax return and just send the forms off so HMRC do not know of any monies owed?? Would this increase the chances of them not objecting to the strike off? Would I still be chased/fined for late payment of corp tax? Please advise thank you!
     
    Posted: Nov 13, 2019 By: Teequeue Member since: Nov 13, 2019
    #1
  2. Teequeue

    Teequeue UKBF Newcomer Free Member

    16 0
    Company has no assets either
     
    Posted: Nov 13, 2019 By: Teequeue Member since: Nov 13, 2019
    #2
  3. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

    3,515 445
    What is happening with the assumed overdrawn Director Loan Account for the funds you withdrew - this will be an asset of the Company as you will be a debtor?
     
    Posted: Nov 14, 2019 By: Lisa Thomas Member since: Apr 20, 2015
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  4. Teequeue

    Teequeue UKBF Newcomer Free Member

    16 0
    Thanks for your input I appreciate it, but If someone could actually ask the question I was asking about would be great !
     
    Posted: Nov 14, 2019 By: Teequeue Member since: Nov 13, 2019
    #4
  5. Mr D

    Mr D UKBF Legend Free Member

    22,762 2,737
    Could someone please tell me if I should bother sending the tax return to HMRC??
     
    Posted: Nov 14, 2019 By: Mr D Member since: Feb 12, 2017
    #5
  6. Teequeue

    Teequeue UKBF Newcomer Free Member

    16 0
    That question or any of the above would be great ...
     
    Posted: Nov 14, 2019 By: Teequeue Member since: Nov 13, 2019
    #6
  7. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

    3,515 445
    HMRC will almost always object to the dissolution if there are outstanding returns and/or an outstanding DLA.
     
    Posted: Nov 14, 2019 By: Lisa Thomas Member since: Apr 20, 2015
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  8. Teequeue

    Teequeue UKBF Newcomer Free Member

    16 0
    The question I would like answering is should I file my tax return to HMRC and then attempt to strike off the company? Or should I not file the tax return and attempt to strike it off? Thanks
     
    Posted: Nov 14, 2019 By: Teequeue Member since: Nov 13, 2019
    #8
  9. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

    3,515 445
    I believe have answered you - if you don't file the Company's tax returns HMRC will object to the strike off.

    You will need to declare and pay any tax on the DLA on your personal tax returns.
     
    Posted: Nov 14, 2019 By: Lisa Thomas Member since: Apr 20, 2015
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  10. Teequeue

    Teequeue UKBF Newcomer Free Member

    16 0
    With all due respect Lisa you have not answered the question that I asked ....thank you
     
    Posted: Nov 14, 2019 By: Teequeue Member since: Nov 13, 2019
    #10
  11. Spongebob

    Spongebob UKBF Ace Free Member

    2,211 1,117
    The more important question is “When is the company’s Confirmation Statement due?”

    Fail to submit the Confirmation Statement and Companies House will dissolve the company within 3 months even without you filing a DS01.

    Your best course of action (as is often the case) is very probably to do absolutely nothing.

    Filing a DS01 could bring you into HMRC’s radar. Filing your accounts most certainly will.

    Doing nothing will - in all probability - result in you being ignored.

    Thousands of companies are set up every year only to be dissolved a couple of years later because they’ve never filed anything and their directors have never responded to correspondence from Companies House.

    Doing nothing will arouse no suspicion.

    It will also not get you into any trouble - because you haven’t done anything!
     
    Last edited: Nov 14, 2019
    Posted: Nov 14, 2019 By: Spongebob Member since: Dec 9, 2008
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  12. Teequeue

    Teequeue UKBF Newcomer Free Member

    16 0
    The man , the myth, the legend doth answer ,thank you sir! .... the confirmation statement is due around March time, only thing I’m worried about is not filing a tax return and having them add on fines etc? Would mean I would have to wait till around June if struck off by companies house?
     
    Posted: Nov 14, 2019 By: Teequeue Member since: Nov 13, 2019
    #12
  13. Teequeue

    Teequeue UKBF Newcomer Free Member

    16 0
    Ah I’ve just gone through my papers and the confirmation statement is due in June ! What would be the best course of action for me do you think ?
     
    Posted: Nov 14, 2019 By: Teequeue Member since: Nov 13, 2019
    #13
  14. Teequeue

    Teequeue UKBF Newcomer Free Member

    16 0
    Fill in the ds01 now and hope for the best whilst there is no evidence of tax being owed ? Or just wait till June?
     
    Posted: Nov 14, 2019 By: Teequeue Member since: Nov 13, 2019
    #14
  15. Adam93

    Adam93 UKBF Regular Free Member

    359 71
    Out of interest, why do you assist tax evaders so willingly?
     
    Posted: Nov 15, 2019 By: Adam93 Member since: Jan 18, 2018
    #15
  16. Mr D

    Mr D UKBF Legend Free Member

    22,762 2,737
    He assists tax evaders now?
    All without anyone knowing?

    What taxes are evaded by people?
     
    Posted: Nov 15, 2019 By: Mr D Member since: Feb 12, 2017
    #16
  17. CA85

    CA85 UKBF Contributor Free Member

    44 2
    Not sure I agree - that's maybe fine if it is a new company that has never submitted anything. But, the OP states that the company was set up three years ago, so I suspect they have already submitted accounts and tax returns that show trading activity, in which case CH and HMRC will already know that it is doing something.
     
    Posted: Nov 15, 2019 By: CA85 Member since: Oct 9, 2019
    #17
  18. JEREMY HAWKE

    JEREMY HAWKE UKBF Legend Full Member

    5,012 1,674
    This plan is for those that's have nothing or nowhere else to turn
    If you are evading tax this will mean you have the money to pay an IP I recommend the ones this site !

    If you are evading tax you will get caught
     
    Posted: Nov 15, 2019 By: JEREMY HAWKE Member since: Mar 4, 2008
    #18
  19. Teequeue

    Teequeue UKBF Newcomer Free Member

    16 0
    Thank you for your response I appreciate it, you are the only person I will be replying to on this thread :)...In answer to your question the confirmation statement for my company is due in June, this would mean waiting a potential 9 months to be struck off by not responding to companies house?? In that time I am imagining I will receive some unwanted contact /fines from HMRC regarding late tax return? Do you recommend filing a DS01 at all and if so when should I send it ? Should I bother filing the tax return at all? ...I’d also like to point out that personally I entered into a insolvency plan 2 months ago due to personal debt so have no option to pay or get credit to pay the £5k CT . Would this make HMRC less likely to chase any debt? Cheers
     
    Posted: Nov 15, 2019 By: Teequeue Member since: Nov 13, 2019
    #19
  20. Scalloway

    Scalloway UKBF Legend Free Member

    16,162 3,416
    If the company ceased trading more than three months ago send it in now.

    If you don't you will get hassled by HMRC when it does come due for filing.
     
    Posted: Nov 15, 2019 By: Scalloway Member since: Jun 6, 2010
    #20