Tax investigation

[bjones]

Hi

I have run my own limited company for just under 6 years, I have really struggled with illness etc etc, I have turned over 50k in total in the 6 years, year before last around £20k and last year £10k being the two best years, never made a profit though and have large debts myself and owed money by my company as a directors loan.

I have just found out that when I moved a few years (had to sell up as we are so in debt) ago the HMRC corporation tax people didnt update there records with my new address, although they did for vat an companies house also did, I didnt realise that I hadnt been sending in the ct600 form as I didnt owe anything for the last for years, they sent me a letter saying I owed them over 650k in estimated corporation taxes and penalties - I freaked out and called them and they said I needed to get the completed ct600 forms over to them within a couple of weeks, which I am trying to do but they are very complex.

Anyway I also plan on applying to have the company struck off as this is the last straw I need to get a proper job and move on.

My question is are they likely to come and investigate me, refuse to strike the company off and fine me a crazy amount??

If they did give the company a big fine could they come to my home and try repossessing my things, the company doesnt have any assets??

I realise I have been really stupid but have suffered really bad stress and depression over the last six years and havent been in the right frame of mind, if I didnt have children Im not sure what I would do, we are living in rented accommodation that parents/inlaws pay for, I dont have any property or possesions of any note, my partner has a car and tv but they are not mine any advice please as I am feeling so ill I feel like colapsing

[pawncob]

The straight answer is that they could fine the company, bankrupt you, and sell all your assets.
You have been negligent by not completing the CT600s, when you were aware that they had to be done.

The realistic answer is that HMRC just want you to tick the right boxes. You do this by completing all outstanding CT forms and sending them back ASAP. Once this is done the CT assessments will be reduced to NIL (assuming the company made no profits) and the tax bill will disappear.

It's likely that any penalty will be reduced, depending upon whether it's dealt with under the old or new regime.

[bjones]

are they likely to object to me applying to have the company struck off if I have sent all the ct600 forms in and owe no tax but likely some penalties?

[mullet]

It's difficult to say whether HMRC will object, but at least allow a respectable period of time to elapse between getting everything up to date and applying for striking off. If it all happens at the same time it won't look good and they might think they can detect the odour of rat.