Please help I have a limited company, 5 years old, and I am in serious trouble. I owe HMRC approximately £50k between outstanding VAT and corporation tax. I do have a directors loan of £8k which I am paying back in full this week. I am currently working on a contract which is due to end in January. It is likely this contract will be extended but I don’t want to keep the company when there is no realistic option of paying the tax HMRC is owed. This situation has driven me to considering taking my life. I have already attempted this once in the last 3 months and I feel as though doing it properly next time around is my only option. The company doesn’t have any other debts, no staff, no assets. What should I do? I don’t have another (permanent) job to go to yet. Should I work out the remainder of my contract and then start the spongebob plan? Would putting this plan in place stop me from being able to set up another limited company in the future? Thank you in advance for your help. I am on the edge of a complete breakdown and I really don’t know where to turn.