3 ms·
Thanks for the advice. It's just the company that would be affected, I don't have any debts personally. Cheers!
by worriedinlondon 11y ago
Thanks for the advice. It's just the company that would be affected, I don't have any debts personally. Cheers!
- charlesdm 11y agoDo talk to a lawyer though. In some countries, under certain circumstances, there can be a shareholder liability for certain tax debts. Especially when you're using a personal service company. Good luck - hope you can fix this situation.
- charlesdm 11y agoAlso, and it depends on if there's a chance you might be personally liable, but if you intend to let the company go bankrupt, you might as well try and use that to negotiate the debt down (if that's at all possible). For example, let's say your debt is £50,000. If you declare bankruptcy, they get £0. Offer to pay them £15-25,000 - if they don't agree, declare bankruptcy, and they get nothing. Not sure if this will work with the tax authority, but I've heard this being used with private debt (bank loans) and it can work.