For the first time in my limited company’s three-year history, I do not have enough money to pay corporation tax and VAT; what are the implications?
This is the latest contractor’s question posted in ContractorUK’s popular series.
Issues like this can not only prove a huge financial challenge for the director but also endanger his future career prospects as a contractor.
James Poyser, co-founder of inniAccounts, recommends prompt actions and dialog with HMRC before the debt situation goes beyond control.
Find out what are the steps to take in this case and more advice here.