Dissolved business and starting a new one

[scwazrh]

My small company has recently been struck off due to not filing annual returns.There has been a number of personal and business reasons that have caused this but the end result is the bank accounts are no longer live and I don't have the money to complete outstanding returns to reinstate the company.
I know that long term I need to liquidate the company correctly but my immediate concern is having an income for my family.I need to work to earn an income and need to do this through a business .
The industry that I work in is risky and a limited company is the only sensible option to trade with.Can I start another company even though my previous one has been struck off?Can the revenue refuse vat & tax registration ?

 

[torblednam]

My small company has recently been struck off due to not filing annual returns.There has been a number of personal and business reasons that have caused this but the end result is the bank accounts are no longer live and I don't have the money to complete outstanding returns to reinstate the company.
I know that long term I need to liquidate the company correctly but my immediate concern is having an income for my family.I need to work to earn an income and need to do this through a business .
The industry that I work in is risky and a limited company is the only sensible option to trade with.Can I start another company even though my previous one has been struck off?Can the revenue refuse vat & tax registration ?

Revenue won't care about the CRO compliance history of your first company, so long as it was tax compliant... was it tax compliant, or did it fold owing taxes?

 

[scwazrh]

Thanks ,
Yes it owes approx 25 k in taxes and we had discussed a phased payment arrangement.

 

[torblednam]

Thanks ,
Yes it owes approx 25 k in taxes and we had discussed a phased payment arrangement.

Is that payment going to be honoured?

If not then I'd expect they may impose a VAT bond on a new registration.

 

[scwazrh]

As the company is now dissolved and there is no bank account it cannot continue to trade and will not be able to pay a phased payment arrangement.

Would you mind explaining a Vat bond?

 

[torblednam]

http://www.revenue.ie/en/practitioner/law/notes-for-guidance/vat/vat-consolidation-act2010.pdf

It's at section 109, basically if you've a poor track record they can require you provide some form of security for a period of time in order to be allowed to trade under your new registration.

If you continue to trade without providing the security, you're liable to quite severe penalties. It was seldom used but is becoming more common.

 

[scwazrh]

Thanks very much for your help. I will move forward and register a new company and see what response I get from revenue .thanks again

 

[Jim2007]

You should be aware that if the company had any assets that they are no longer yours... and should be used to pay off the debts of the company! Presumable the Revenue have accounts showing assets, if so you can expect they will seek full payment of the outstanding amounts. No doubt one of the insolvency practitioners will explain to you the consequence of having a company stuck off versus being dissolved and the consequence to directors of the company.