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, Accountant
Category: Tax
Satisfied Customers: 5980
Type Your Tax Question Here...
bigduckontax is online now

I'm due a considerable amount of corporation tax and VAT and

This answer was rated:

I'm due a considerable amount of corporation tax and VAT and cannot pay this.
I have not worked for 5 months so have no income and HMRC are hounding me, is there anything I can do?

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

Is thiis your only debt or are there others? Presumably these debts are due from a company not you personally?

Customer: replied 8 months ago.
I have a LTD company, I am a one man band as I contract within the oil and gas industry

If the company has debts it cannot meet then it is the Director's duty to place it in administration. However, if fraudulent preferences have occurred, paying one creditor in preference to another, then the directors may be in difficulties. Has this happened?

Customer: replied 8 months ago.
I am only due to HMRC

Yes, but did the company pay anybody else in preference to HMRC?

Customer: replied 8 months ago.
No, that's the only people ever due money.

Then put the company into administration and that will be the end of your troubles.

Customer: replied 8 months ago.
What's the best way of doing that?

Go and see a licenced insolvency practitioner to do it for you.

Please be so kind as to rate me before you leave the Just Answer site.

bigduckontax and other Tax Specialists are ready to help you

Thank you for your support.