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a.s
Starting Member
26 Posts |
 Posted - 21 November 2008 : 14:01:18
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| tax and vat! Im going BR in january, I have a leased pub and from reading other peoples experiences on here would I be right in thinking i would be better not paying my £2000pw rent over dec and sorting out tax and vat! the pubco will sell my pub lease for £180.000 when I go so will the or look at that as a dept cleared? my biggest credator is the pubco |
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John
New Member
United Kingdom
73 Posts |
Posted - 21 November 2008 : 15:51:21
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Hi
at this stage, if you are planning BR in January, you are not permitted to treat any creditor, including HMRC, in a preferential way. Any monies you pay them in preference to your other creditors will be reclaimed by the Official Receiver after your BR and redistributed amongst all of your creditors on a pro rata basis.
The non payment of rent to the brewery would depend on the terms of your lease, what the repercussions of non payment are, and whether or not you wish to continue to trade.
If you don't pay any creditors and are therefore £2K per week better off, if you can still trade, you should not spend any of this money prior to BR as the OR would take a very dim view if you did.
If by not paying the rent trading ceases then the issue will not, of course, arise as you would have no profits.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 21 November 2008 : 20:23:30
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Hi
if you are winding down the pub business there are clear do's and dont's so you need to be very clear on what you intend to do, when and why.
You cannot create preferential creditors, however you are entitled to pay the staff up to date.
You also need to be careful because some of the leases by the top 2 mean that they can take over immediately you stop paying.
We have helped several couples escape the publican "lease" business this year and they are now debt free, don't work 260 hours a week, spend time with each other and have a much better quality of life.
I would really encourage you to speak to a professional to carefully go through all of your questions and decide on the right plan in the right timeframe.
Which part of the country are you in?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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tax and vat! Im going BR in january
