Spongebob Plan, dividends and corp tax

Discussion in 'Insolvency' started by anonworried, Feb 24, 2020.

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  1. anonworried

    anonworried UKBF Newcomer

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    Thanks for previous replies. I’ve had some developments which means things aren’t as dire but I want to be prepared in case they become so again and I can’t scrape myself out of this hole.

    If I were to dissolve the company due to not having enough money to continue then what I owe is:
    Corp tax - but not had first year end so no accounts submitted and no amount due yet
    Directors Loan (or rather dividends I took too optimistically) - not on any paperwork yet either
    Possibly VAT due (registered but not sure if/what I owe to date yet as haven’t submitted a return yet).

    But no other debts and all customers stuff fulfilled.

    And what do I say to my accountant? How do I approach it?
    Thanks in advance
    Posted: Feb 24, 2020 By: anonworried Member since: Dec 27, 2019
  2. Mr D

    Mr D Contributor

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    Say what you want to accountant. Either they do the accounts or they do not.
    What the company owes is not accountant problem.

    The dividends you will need to include in your personal tax return for the tax year - it's untaxed income. That is your tax liability if it causes tax to be payable - not the company tax liability.
    Posted: Feb 24, 2020 By: Mr D Member since: Feb 12, 2017
  3. Lisa Thomas

    Lisa Thomas Contributor

    3,774 523
    How much DLA do you owe to the Company and how much are the HMRC liabilities?
    Posted: Feb 25, 2020 By: Lisa Thomas Member since: Apr 20, 2015
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