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Unable to pay tax liability

  • 19-08-2009 2:53pm
    #1
    PaddyThai
    Closed Accounts Posts: 62 ✭✭


    Hi all,
    Briefly my business has gone down hill at an accererating pace. Every day brings more trouble and grief. Cash flow is very bad and so bills are mounting. No credit from bank to keep things a float.
    Have been positive and commited up until now but am thinking business may not be salvagable.

    I'm not looking for sympathy or business advice just want to know how tax liabilities will be dealt with.
    I am behind in my tax affairs owing to the above.
    I have calculated I owe about 55,000 in VAT, PAYE/PRSI, Income tax and some capital gains.
    I have no money to pay, no immediate ideas as to how I'm going to secure income to live even if I did not owe tax, and have few assets that would raise money in todays market.

    My question then is;
    If I don't have any money what course of action will/would revenue take?
    I am not trying to evade tax but see no options to pay.


Comments

  • #2
    Beal Tuille
    Registered Users, Registered Users 2 Posts: 38 ✭Beal Tuille


    If you operate through a limited company then creditors voluntary liquidation is the only option. Sadly (in some eyes) you can simply walk away. (Unless there is a personal guarantee for bank loans or finance leases that banks could act on once you pull the plug)

    If you are a sole trader then you are in a heap more trouble.


  • #3
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    If you are thinking the business may not be salvageable then you need to stop trading immediately as this will maintain your limited liability if you are trading as a company.

    You should then shop around for a liquidator who will liquidate the company properly so that you are able to move on from this episode.

    Kind Regards


    Dbran


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