Phoenix - Your AI AssistantUK LTD with HMRC and bounce back loan debt
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- Proposals: 12
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- #4366774
- OPPORTUNITY
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Kathmandu 
Description
Experience Level: Intermediate
Want someone to look into the accounts, give some advice.
My concern is the director being liable for the debt.
Without going into details, we have an LTD payment plan with HMRC for not paying LTD taxes for a few years. We also have a bounce-back loan in place.
All is being slowly paid now.
one employee and director. PAYE is up-to-date, and both people's payments are up-to-date.
The Director HAS taken salary AND dividends.
HOWEVER, our clients are just shutting down their business. So, no income soon.
If I instruct insolvency, will the director, I, be liable for the outstanding bills?
Part of the issue was that we invested in another business, which turned out to be defrauded of large sums of money. We have reported this now only to the police, but as these people are in another country, it is unlikely we will get our money back. Accountant not aware of this yet.
What do I do to reduce/prevent being personally liable
My concern is the director being liable for the debt.
Without going into details, we have an LTD payment plan with HMRC for not paying LTD taxes for a few years. We also have a bounce-back loan in place.
All is being slowly paid now.
one employee and director. PAYE is up-to-date, and both people's payments are up-to-date.
The Director HAS taken salary AND dividends.
HOWEVER, our clients are just shutting down their business. So, no income soon.
If I instruct insolvency, will the director, I, be liable for the outstanding bills?
Part of the issue was that we invested in another business, which turned out to be defrauded of large sums of money. We have reported this now only to the police, but as these people are in another country, it is unlikely we will get our money back. Accountant not aware of this yet.
What do I do to reduce/prevent being personally liable
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Hi,
Thanks for the overview, just to clarify a few points: Were dividends taken from actual profits? Were any personal guarantees signed (e.g., for the bounce-back loan)? And are company records and filings fully up to date? These will help assess the director's potential exposure more accurately.