Client in Jail, Company insolvent and ceased trading. What do I do next?
I have a client who is in jail pending trial and will be going to jail for a long time. His business has ceased trading as a result and is also insolvent with an bank overdraft of £9,000. Accounts due are for the year ending 31st March 2012 along with self assessment and these are likely to result in significant corporation tax and personal tax liabilities.
The Company will not trade again and I have been asked to cease it permanently. There are no funds thus I will not be completing any works as I will not get paid however I have agreed to assist in terms of finding out what to do next in these circumstances just to help out the familly.
eg do the last accounts/self assessment have to be completed to crystallise the tax liability, does this all get handed over to the official receiver to deal with and if so how do I go about this etc etc etc.
At the moment I have simply alerted HMRC to the position and the client's familly have alerted the bank. Can anybody offer any advice in these circumstances?
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