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Where Taxpayers and Advisers Meet

Small Business Returns

Pondskater
Posts: 1
Joined: Thu Apr 23, 2020 8:17 pm

Small Business Returns

Postby Pondskater » Thu Apr 23, 2020 8:33 pm

Hi all

Approximately 4 years ago my wife took over a small struggling family business. Its continued to struggle with my wife taking very little wages approx £100 per week.

She employs 1 full time and 1 part time members of staff. All 3 are on PAYE and everything is up to date.

I had to lend her the money to buy a delivery van (7K) - 4k of which remains unpaid, so you can see how close to breadline she is ! but she loves the business.

However I've just found out that she has not submitted any form of self assessment since she took over ! The VAT and PAYE are up to date.

What should we do about the 4 years of missing assessments ?

pawncob
Posts: 4493
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Small Business Returns

Postby pawncob » Wed Apr 29, 2020 11:59 am

Is this a limited company or is she a sole trader? If the latter, she should not be operating under PAYE.
Are HMRC aware of the firm? Previous owners submit returns? When did HMRC stop sending returns (and why)? More info required/background.
With a pinch of salt take what I say, but don't exceed your RDA


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