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hi, family business , dad died, vat owing help???? |
Submitted on: 19th Sep 2011 by Non-Member | Total Answers: 7
my partners dad opened a family business in november in my partners name , basically my partner was just a signiture for the barclays business account and my home address was used . The business failed , my partners dad died from cancer and the business was closed in Feb2011.legally via company registra and bank closed also . The profit was only little roughly £4000 but the problem we have is that my partners dad sent up online with inland revenue and we have no idea what our user name password etc.. is how much vat to pay etc..... we have had a letter from inland revenue to my home address but no name is on the letter , it is an estimated tax return for £500. I have wrote and telephoned inland revenue to inform them of this situation but am still awaiting a reply. Can anyone offer me any advice as to whether my partner is responsible for this debt or his father and how much we will owe , would be much appreciated, thanks
Re: hi, family business , dad died, vat owing help????
If the business was set up in your partners name only, your partner will be liable for any VAT and Income Tax due during the lifetime of the business. To enable an accurate assessment of the tax return to be established it may be beneficial to get an accountant to look at the income and expenditure of the business.
This question has been answered by Christians Against Poverty, a leading debt charity offering hope and a solution to anyone in debt.
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