showmedmoney
Registered User
- Messages
- 30
Hello All,
I am currently a full time PAYE employee but i am also silent partner in a small retailers, which have been running for 2 yrs 2010/2011
The current climate has the business running at a loss, and we both have agreed to close up when the lease ends at X-mas this year.
we have 1 main supplier which we owe 18k.by closing time we will have 3k in stock from this suppliers
So the main questions i have is this,
1. when we close up can we return the stock, or is this just something that is agreed case by case depending on supplier.
2.Also on the balance of money owed am i liable for the entire debt or just 50%. As my business partner is now saying that he cannot come up with any money, and its stressing me out, to think ill have to cover it all.
3.and lastly as a PAYE worker i heard i can offset my losses in this business against paye tax's paid, can someone pls explain how this is done? an example would be great
any answers would be a big help!!!
thanks
I am currently a full time PAYE employee but i am also silent partner in a small retailers, which have been running for 2 yrs 2010/2011
The current climate has the business running at a loss, and we both have agreed to close up when the lease ends at X-mas this year.
we have 1 main supplier which we owe 18k.by closing time we will have 3k in stock from this suppliers
So the main questions i have is this,
1. when we close up can we return the stock, or is this just something that is agreed case by case depending on supplier.
2.Also on the balance of money owed am i liable for the entire debt or just 50%. As my business partner is now saying that he cannot come up with any money, and its stressing me out, to think ill have to cover it all.
3.and lastly as a PAYE worker i heard i can offset my losses in this business against paye tax's paid, can someone pls explain how this is done? an example would be great
any answers would be a big help!!!
thanks