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Tax from dividends 05/06


chedworth98
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HI

i write on behalf of my father he ltd company that went into liquidation april 2010 , while he was director he used to have v small salary and weekly dividends , because the company made no money it was classs as a benefit in kind a directors loan account and he was investigated and now he has a tax bill of £14000 as the company went into liquidation does he have to pay all of it ? also he has personal guarantee on the overdraft of the company of 32k that he will have to pay will that entitle him to some tax relief ?

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Hello there. I hope you get some replies on the forum, but this is too complicated for me.

 

Depending on any replies you get here, your father should consider going to see an accountant, unless he has one already. They should talk to him initially for 30-60 minutes free of charge to tell him where he stands.

 

HB

Illegitimi non carborundum

 

 

 

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hi thanks its a real mess , his previous accountant has also gone into liqudation , he already paid one tax bill of £64'000 around 1994 - we had very poor advice over the dividend x do you know if he can claim his redundancy ? as he was a director ? he has no savings as he put £40'000 in to the business in the last 12months x

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Hello again. I really don't know the answer, sorry. Have you read up on the HMRC or directgov websites about dividends, redundancy etc? Because this is a specialised area and we may not have a cagger who knows about it. You can learn quite a lot from doing your own research.

 

As I said, another accountant should see your father for a free initial interview if the old accountant isn't around any more. They should be able to tell him if he has some sort of case against the Revenue or even a previous accountant. If the dividend thing was part of a tax planning exercise, then I imagine it's complicated.

 

HB

Edited by honeybee13
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Illegitimi non carborundum

 

 

 

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