Newth Talks Tax: Potential tax liability

Geoff (see 14 December 2007) disclosed that he was currently involved in a PAYE review which could potentially give rise to a large PAYE liability. The PAYE liability would exceed the assets of the company by 5 to 1, and the company would not be able to settle the debt due to HMRC.

The directors have enquired as to the HMRC response if the company was put into liquidation, resulting in HMRC only receiving part of the tax due.

Continued...

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