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S455 & Coronavirus

Will there be a surge in S455 charges?

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OMB Ltd Co Scenario:
Enough money in the bank and set aside for Corporation Tax (up to the plague starting).
Since the plague, no turnover, profit or dividend.
Now needs money to live off.
Can't pay CT on time, and DLA still overdrawn at 9 months after year end.
S455. Can't pay that either.

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RLI
By lionofludesch
23rd Mar 2020 16:21

Where's the money come from if there are no profits ?

I guess folk will do what they need to do, legal or not.

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Replying to lionofludesch:
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By Gone Sailing
23rd Mar 2020 16:33

please see edited version

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By youngloch
23rd Mar 2020 17:51

On the other side of this "don't know where don't know when"

I envisage a lot of planning to be done in regard to changing financial year end dates to drag losses back.

Got to think positively.

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