johnnybegood
Registered User
- Messages
- 122
Hi all,
A friend of mine is involved in a business partnership with one other person. The business is not working out and they plan to close at the end of this month. The problem is however that the partnership will owe VAT and Paye of approx €10k. My friend is willing to pay her €5k but the other partner is of the view who cares they can whistle for their money (not a very intelligent approach - I know)
Unfortunately my friend didn't realise this would be the type of business partner he would be dealing with. What should my friend do? I have advise to make sure the partnership is deregistered including all taxes VAT, PAYE, IT and obtain final balances owed to revenue. Could he send a cheque personally to the revenue for 50% of the liability or will it be deemed to be a dispute between two individuals?
Any help would be much appreciated.
Johnnybegood
A friend of mine is involved in a business partnership with one other person. The business is not working out and they plan to close at the end of this month. The problem is however that the partnership will owe VAT and Paye of approx €10k. My friend is willing to pay her €5k but the other partner is of the view who cares they can whistle for their money (not a very intelligent approach - I know)
Unfortunately my friend didn't realise this would be the type of business partner he would be dealing with. What should my friend do? I have advise to make sure the partnership is deregistered including all taxes VAT, PAYE, IT and obtain final balances owed to revenue. Could he send a cheque personally to the revenue for 50% of the liability or will it be deemed to be a dispute between two individuals?
Any help would be much appreciated.
Johnnybegood