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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13919
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I need advice about closing my company down. it has been

Customer Question

I need advice about closing my company down. it has been defrauded by my former partner and now I would like to close it down. It does not have any assets and is yet to file accounts. Although I received a bill from hrmc for 1400 pounds for VAT although VAT account has not been filed. He registered it for vat but didn't file accounts.
How do I get it closed down.
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi
Thanks for your question
You will need to file all outstanding VAT and Tax returns = and settle all taxes and nay penalties owed before you could close down this company.
You may be able to ask for some mitigation due to the defraud position as I assume you were equal shares as directors/partners but there is no guarantee that they will take this into account so you are best placed to hire a local accountant to argue this on your behalf (I do feel this would be money well spent)
Let me know if you require any further assistance
Thanks
Sam
Customer: replied 2 years ago.
If the company is insolvent doesn't this mean it cannot pay its bills then it will have to be liquidated? But if it has no assets how can it pay its bills?
Expert:  Sam replied 2 years ago.
Hi
Its irrelevant that you are insolvent - you should have liaised with HMRC (VAT and Direct Taxes) to finalise the tax positions and if you used an insolvency firm to mange this for you, they should have ensured this undertaken for you.
If its seen that the insolvency occurred due to negligence then the directors are personally held responsible for any HMRC debts.
Thanks
Sam