- Original Poster
- #1
Hi everyone, I hope you'll be able to give me some advice.
From the period of September 15 – May 16, I set-up a Ltd company as a result of securing a 13-month contract with a new employer (at their request). I started to wind the company down in July 16 as my contract was completed early. In October 16, I found out that the monies my accountant was holding in reserve, didn't cover my personal tax liabilities (only corporation tax and VAT) and consequently, I was landed with a large bill I had to cover myself. I had to take a large dividend to cover it and then arranged a personal loan to pay the money back into the Ltd company, to cover remaining corporation tax etc.
All corporation tax and VAT bills are paid, but now that my 16/17 self assessment has been prepared and submitted, I have another personal tax bill (circa 20k) which I need to pay. The company stopped trading in May 16 and following a long process to wind the company down, the company was dissolved in January of this year.
I have written to HMRC explaining the situation today, asking for a payment plan to be put in place; although I can really only afford circa £300 per month, particularly now that another office of HMRC have advised I haven't paid sufficient tax for my new, permanent job (no more contracting for me).
It's all been a bit of a disaster and I have no other way of paying the debt (no savings, access to credit or assets) and I'm clearly concerned in what HMRC may say. I don't want to go down an IVA/bankruptcy route, as all my other outgoings are sufficiently covered, it's just this which has complicated things. All advice appreciated. Many thanks.
From the period of September 15 – May 16, I set-up a Ltd company as a result of securing a 13-month contract with a new employer (at their request). I started to wind the company down in July 16 as my contract was completed early. In October 16, I found out that the monies my accountant was holding in reserve, didn't cover my personal tax liabilities (only corporation tax and VAT) and consequently, I was landed with a large bill I had to cover myself. I had to take a large dividend to cover it and then arranged a personal loan to pay the money back into the Ltd company, to cover remaining corporation tax etc.
All corporation tax and VAT bills are paid, but now that my 16/17 self assessment has been prepared and submitted, I have another personal tax bill (circa 20k) which I need to pay. The company stopped trading in May 16 and following a long process to wind the company down, the company was dissolved in January of this year.
I have written to HMRC explaining the situation today, asking for a payment plan to be put in place; although I can really only afford circa £300 per month, particularly now that another office of HMRC have advised I haven't paid sufficient tax for my new, permanent job (no more contracting for me).
It's all been a bit of a disaster and I have no other way of paying the debt (no savings, access to credit or assets) and I'm clearly concerned in what HMRC may say. I don't want to go down an IVA/bankruptcy route, as all my other outgoings are sufficiently covered, it's just this which has complicated things. All advice appreciated. Many thanks.
