It is hard to believe that there was a time when Britain had no such thing as Income Tax. William Pitt the Younger introduced it in 1799. He was Britain’s youngest Prime Minister at the tender age of 24.
The following PM abolished it but for only a few years and then it was reintroduced, then abolished and brought in again. Between 1816 and 1842 Britain was Income Tax free for the last time.
Many Company directors have probably wished that the 24 year old had never thought of the idea! Having to pay any tax is always a struggle but can be softened by the instigation of a Company Voluntary Arrangement.
Some directors have been told that the HMRC will not accept a CVA if they are the only creditors. This is not true. However if HMRC believe that they have been used as a bank on a repetitive basis then your history may count against you.
Categories: Winding up Petition