Contact Steve Thatcher of Help With Debt (UK) Limited a total debt solutions company. For all further reading see http://www.helpwithdebtuk.com For personal contact email sthatcher@helpwithdebtuk.com If you have any debt problem whatsover either personal or corporate make Steve your first call all advice is free. Finally if in the UK and you need a friend to speak to call 01162171406 Visit http://www.helpwithdebtuk.com
Here at Help With Debt we get quite a number of enquiries each year from Husband and Wife directors of small limited companies that have been set up by self employed traders. Many of the enquiries we receive are to do with the non payment of company tax, or the taking of illegal dividends.
Our debt advisors are experienced in taking these calls which are often precipitated by an unexpected demand from the Inland Revenue. These demands can come out of the blue. Here ate Help With Debt we have learned that small company directors are often so busy actually doing the work or contracts that they have been engaged on that they simply do not deal with the tax and company housekeeping issues that are essential.
Other small or sole traders are unsure what cash is theirs to take from the business and what has to be accounted for to the revenue.
As well as the tax debt, problems with the amount owed to the Revenue can be exacerbated by penalties and daily punitive interest.
If we are contacted early enough we are able to put measures in place that deal with the overpayment of dividends. We are also able to arrange a strategy that will deal with the unpaid tax. If the position is not dealt with it is inevitable that the Inland Revenue will petition to wind up the company. If this happens, then the Official Receiver will take over the company and he will require compliance form the director with his investigation into how the company became insolvent and he may well make a negative report on the director which can lead to proceedings to disqualify the director.
It is important at all costs to avoid Director Disqualification Proceedings as the costs of these can exceed £20,000. It will also mean that such an individual may not act as a director or be involved in the management of a company for up to 15 years.
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