Hi should i incude debts owed to the Inland revenue and the vat man from my Ltd company which i am a director of,when i fill in my personnal application for going BR? Can the Company debts cross over to being personnal debts and would my house be at risk ? I am in a position where i going Br personally but the vat man etc are tightening the thumb screws with outtanding money owed to them through my buisness. Any help appreciated
I am in the same boat. The only way is if you signed a personal gaurantee (best to include this on your BR form if you have incurred or may incurr this). Also, HMRC may chase you directly if they feel you have made yourself 'preferential' in some way i.e. paid any debts to yourself before them. You will have to include that you have a house on your BR form anyway and then follow the process with the OR in the interview.
Thanks for your replies,you have put my mind slightly at rest. as i have signed no personal gaurantee so on the surface of things i should be ok. The debts to the vat man came about after our previous accountant failed to register us for vat ,we went over the threshold and now they want back pay for the last year and a half.
Ltd company debts ,personal liabilty
Posted - 25 July 2009 : 12:43:04
