Thanks for all of the info everyone.
He has been and still on furlough (for the minimum directors salary) which isn't much at all, and not enough to live off by any means.
The only creditor is HMRC, the only debtor, himself as director.
Would you make any disclosure in the accounts in relation to the uncertainty going forward due to the impact of Covid?
Can I just say, thank you for all being informative and non-judgemental. It's nice to be able to request help and opinions without the criticism!!
Thank you for your help Lesley :-)
He owes the company £7K, CT liability is around £14K. SA liability is b/f from 2019, Covid hit and he was out of work so couldn't pay it, no liability for the last return submitted.
He has been in touch with Stepchange and they have helped him consolidate his personal debts which may take into account his personal tax, although I am not certain and will seek clarification.
If he were to land a contract tomorrow, his day rate is excellent so could pull it back, but it is unlikely, and IR35 likely to make it even more challenging.
My answers
Thanks for your reply, I will check this out :-)
Hi, thanks for the reply. Yes it's limited by guarantee, I need to clarify the status prior.
Show on the P & L as income? I would have thought it would have been Dr bank, Cr some sort of reserves but just wanted clarification.
Thanks for all of the info everyone.
He has been and still on furlough (for the minimum directors salary) which isn't much at all, and not enough to live off by any means.
The only creditor is HMRC, the only debtor, himself as director.
Would you make any disclosure in the accounts in relation to the uncertainty going forward due to the impact of Covid?
Can I just say, thank you for all being informative and non-judgemental. It's nice to be able to request help and opinions without the criticism!!
Thank you for your help Lesley :-)
He owes the company £7K, CT liability is around £14K. SA liability is b/f from 2019, Covid hit and he was out of work so couldn't pay it, no liability for the last return submitted.
He has been in touch with Stepchange and they have helped him consolidate his personal debts which may take into account his personal tax, although I am not certain and will seek clarification.
If he were to land a contract tomorrow, his day rate is excellent so could pull it back, but it is unlikely, and IR35 likely to make it even more challenging.