Member Since: 23rd Feb 2003
19th Mar 2015
They will say that technically you do owe the interest. It would probably have been a good idea to check the PAYE code was actually adjusted.
10th Feb 2015
If you do find yourself doing it, don't do it for more than 3 years. I hope it turns out to be as simple as you think. Good luck!
9th Feb 2015
The worst thing they did to me was
To lose the year end accounts and then lied about it and said I had not done any, I had already resigned by the AGM and not one committee member could be bothered to check with me before it was stated at the AGM.
9th Feb 2015
I did one of these once
I found the following problems:
No PAYE scheme, no accounting records, no stock records, no fixed assets register, fingers in till, till not used or reconciled, til not in sufficient detail to verify that all sales put through till, no invoices for misc expenses, huge loan from brewery with interest base on sales this made the club not viable on its own, management committee not supportive, management committee didn't care if stock went missing, free drinks all round, the list was endless..... Don't touch it with a barge pole.
8th Oct 2014
Who owns the property!
I think you need to ask who actually owns the property and why anything is being put through the company if it does not own the property? Sounds a bit odd to me....
4th Jun 2014
I have just done one of these.
Profits after bankruptcy need to go on SA and be treated as a commencement of trade in that year and any stock and fixed assets transferred at market value and cost respectively. No tax is payable for any profits of the tax year of bankruptcy so no tax will be payable on the profits after bankruptcy up to the end of the tax year. Trade ceases on the date of bankruptcy and all assets and liabilities, overlap, brought forward losses, capital allowances BAs and BCs disappear so you end up with a zero balance sheet. You don't need to prepare accounts or tax comp for period up to bankruptcy as they would have been making losses and there's no point as it all disappears. You need to get in touch with the relevant HMRC department for bankrupt tax payers and get them to confirm the treatment in writing. Also if the client paid any tax before the date of bankruptcy eg POA these become part of the net bankruptcy debt. Get a new UTR and make sure any payments post bankruptcy go against this. HMRC tried to take some of my client's post bankruptcy payments against the old one but we spotted this and got it changed.
26th Jan 2013
My client posted one first class last Tuesday and when I phoned on Friday it was on the system. Also I have found the agent's helpline answers after 30 seconds and they have been very helpful. I don't know why the rest of you have such bad experiences.