Hi all
At the minute I'm trading as a sole trader. I'm a little behind with my tax, but I've a direct debit in place with HMRC to get me back on track.
The money coming into the business is going to rise sharply. It means I will be looking to switch from a Sole Trader to a Limited company.
Obviously I will cease as a Sole Trader at this point, but can I do this with outstanding tax? So, could I get in touch with them, explain I am no longer a Sole Trader, but now part of a Limited Company and continue to make my monthly payments to them to clear the amount that is still owed. At the current rate, this will take about another 8 months given that I will need to file for 2019-20 as the company runs April to April.
I guess I'd be paying this as someone who's now employed albeit Director of the company moving forward. I just wasn't if that when I stopped as a Sole Trader that the account would need immediate settlement. Ideally, the increaase in money would be a lump sum to just wipe it all off in one, but it's more an increase in hourly, for example, from £10 up to £20 per hour. Payments will increase though as a result to more money coming in.
I hope that makes sense and thanks in advance for any help.
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