How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4203
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

I have outstanding corporation and VAT, I applied to have the

Customer Question

I have outstanding corporation and VAT, I applied to have the company struck off the HMRC have denied this action, what action will they likely take the sums are around £20,000
I live in Scotland too, I understand different rules apply,
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.
In Scotland a limitation period in respect of taxes of 20 years, for other debts 5 years, applies. Furthermore, repeated reminders do not restart the time periods as they do in England and Wales. In England and Wales there is no such limit.
You personally have no outstanding Corporation Tax (CT) or VAT liabilities against you the company does unless, of course, you have benefitted from a fraudulent preference eg received dividends from funds which were not freely available in the company because of liabilities elsewhere.
Your accountant has given you correct advice to ignore HMRC's sabre rattling. All HMRC can do is apply to the Courts to have the Company struck off the register and distrain on all its goods and chattels, an expensive exercise in financial futility for HMRC where there are no assets to seize.
I do hope that I have helped set your mind at rest; however this will take some time and regrettably some harassment will occur in the interim.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 1 year ago.
Thank you for your support.