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Hi, I am one of the experts. I will come back to you little late, plz bear with me.
Still you need to pay outstanding VAT.
I opt out and maybe one of the other experts help you on this subject.
Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.
I assume that the company's turnover in any 12 months exceeded the threshold of 85K, Please confirm.
Then you must register the company for the tax, calculate it and make returns online to HMRC. If there are insufficient funds then HMRC may well liquidate the company anyway. If payments have been made by the company whilst debts ie VAT are owed, but not paid, this will constitute a fraudulent preference, a criminal offence. As a result, you could find yourself disqualified as a company director for a period. To put it bluntly, you could be in serious trouble.
Whilst your proposal is attractive on the face of it, it could prove to be an unrealistic enterprise.
Almost certainly they will seek to wind up the existing company and report the fraudulent preference. That Department will treat the whole caper as tax evasion, another criminal offence.
You can try to negotiate with HMRC to arrange a repayment schedule you can afford and that that Department will accept.
You can try, it all depends upon the creditor, HMRC.
Thank you for your support.