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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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My company was wound up by the Inland Revenue and I am being

Resolved Question:

My company was wound up by the Inland Revenue and I am being pursued for the repayment of a director loan account. Should I seek legal support or is it a case of just trying to deal with the IR myself?
Thanks
Gary
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Hello my name is ***** ***** I will help you with this.
For now please let me know how much is owing?
Customer: replied 2 years ago.
£140,000. The company was wound up primarily because of corp tax bill after my wife and I (50/50 shareholders) separated and we lost a major contract. I have made an offer to settle £20k and they are threatening court now. The directors loans are between us both and accumulated over 4 years following a sizeable IR penalty for incorrect returns by our first accountant (who did a runner to USA; we wasn't only company caught up). I got my new accountant to revisit all previous returns and then volunteered the errors and correct amounts. They made me pay that back of course and a nice juicy fine to go with IT. We never managed to recover despite massive efforts. Then we split, our costs doubled and we lost big contract. That was how it all came about (shortened version!)
Expert:  Ash replied 2 years ago.
Ok. Do you accept you owe it? The tax would be £56k on that, right?
Customer: replied 2 years ago.
Yes I do. And that's about right yes
Expert:  Ash replied 2 years ago.
It depends on how much you can afford. If you can pay for a professional to do a deal then you should do that They may be able to negotiate a deal, but bear in mind their fee can't be recovered. The starting point for HMRC is the £56k.
So by offering £20k they have turned it down. They may accept a higher amount if it is going to be paid quick. Otherwise they may be bloody minded and bankrupt you. They frequently do that to people so you need to consider what you have available.
Can I clarify anything for you about this today please?
Alex
Ash and 3 other Law Specialists are ready to help you
Expert:  Ash replied 2 years ago.
Hi

I am just following up to see if there is anything else I can help with?

If this answers your question might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.

If you need more help please click reply.

Alex