changing name of company

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porter

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thankfully dont owe money to any suppliers but am in trouble with tax and vat! people are telling me to close company and start again in new name to avoid paying them! its a ltd company but is it possible to do this??
 
Ol yes , and theres plenty that do however you cant shut it with out it being liquidated usually HMRC will get pissed off and wind the company up and you will have to go to the official receivor and explain the reasons why the debts were accrued and not paid
 
Very true , even been known to go in there social club
 
Hello Porter,

I asked our accountant his opinion of your situation. Here's his reply:

"To answer the question, he could put the company into liquidation and assuming it had no assets or cash, the debts would effectively be written off. Then set up a new company and continue trading.

However this is shady business, its not exactly illegal but its not very ethical, and since you would be annoying the tax office and not paying taxes, you can expect regular visits and inspections in future.

Remember that failure to fulfill your VAT obligations is still a criminal offence and although it is unlikely that you would get caught it is a possibility."

As an add on to this, it's not a course of action we as a company would recommend. Not the most useful of replies but thought we'd just let you know how we see it.
 
thanks for all your comments!! anyway just for the record we have decided to do a deal with the tax man and pay monthly!! its gonna be a struggle but at the end of the day if you owe it you have to pay it!!! true??
 
Good luck on your chosen course of action , dont over commit with that replayment plan or they will be all over you like a rash when u miss a payment
 
Hellp Porter,

Glad you've come to some kind of arrangement - probably best way forward.

If you need any help or advice, feel free to give us a call.
 
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