question category: Bankruptcy
Please Help: Implications of a Limited Company going into Liquidation (owing £80,000 Tax)
I really need some urgent advice, my husband has a Limited Company which owes approx £80,000 in tax, made up of £30,000 payroll, £20,000 VAT and £30,000 personal earnings that he has payed to himself. He instructed an accountant to take care of payroll and tax etc but now we have been landed with this tax bill. Our newly appointed accountant has confirmed that the tax office calculations are correct. The only way forward that I can see is liquidating the company but we are unclear on the implications to my husband, as a sole director and the procedure itself.
He is having a meeting with the tax man tommorrow, I really need some advice, I dont eeven know if its an inprisonment offence or if liquidating the business will mean we'll never get a motgage again or credit, please help.......
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