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Sam
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Good Morning. I am in need of some help. My husband and two

Resolved Question:

Good Morning. I am in need of some help. My husband and two sons have their own building business, and due to a few of our jobs over running, payment of old debt, customers late payment and just basically paying everyones who works for us their wages, we have not managed to put away our sub contractors tax or our own. We have gone without wages ourselves so we can pay our guys. We have put away money in the past but due to other bills coming in and late invoices by clients its just spiralled out of control. We don't know where to turn. We cant even pay my rent on time we have no property to sell, i'm so scared they will go to prison. The shame of it is our work is getting busier, we have a fantastic reputation too. We have just lost grip.
Please can you give us some advice.
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi
Thanks for your question - I am Sam and I am one of the UK tax experts (I previously worked for HMRC)
Get in touch with both the self assessment helpline and the CIS regarding the outstanding tax due on each.
Before you make those calls, look at where you are at now, are you able from now on in to pay the tax deducted from the subbies over to HMRC and also consider catching up with amounts previously owed.
Likewise with the tax owed from the business
Are you able to arrange an overdraft/loan with the bank to alleviate some of the situation which HMRC will see as a gesture of good will and, as you are getting busier then may be able to offer a payment plan that you feel will be manageable
Even if your two some can raise some money through loans etc at this time - but you and they will know best what can be managed to see you over this hurdle, and HMRC would rather you keep trading and thrive - rather than see you lose this much thought of business.
I would also advise you seek debt advise as this also is then having an impact on your personal life (with no wages being drawn) and I would never recommend bankruptcy unless an absolute last resort, but there are many schemes to help you manage this time of crisis, both on a business and personal level.
I have added a link to the National Debt Helpline, they will be able to offer other solutions, or make other suggestions/recommendations to help you find a way forward that is both manageable and effective for you and the family.
https://www.nationaldebtline.org/
Let me know if I can be of any further assistance
Thanks
Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13809
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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