Soldato
Need some opinions from those in the know.
I have been working for the best part of two years for a small consultancy company which is head quartered in Asia.
The UK registered company formed to develop the business here in the UK stopped paying wages back in April and the MD took over paying our wages out of his own pocket to keep us working for him.
The old business was folded a couple of months ago by the taxman for failing to keep up with PAYE payments. The original investors are Asia based and effectively just abandoned the company.
The MD who was paying us has now set up a new UK business to carry on where the old one left off (we just landed our largest contract ever and have a huge contract due in three months time so are/will be profitable for the first time).
He's asked us to fill in a P46 form and I would like opinions on the ramifications for me.
Firstly I'm sure no tax or NI has been paid for me this year by the previous company and he has paid me the same amount of "take home" to keep us going.
I am concerned that *I* have some direct liabilities to the taxman and I'm concerned that my take home is going to be hit significantly by being taken on by the new company on emergency tax halfway through the year.
Any advice gratefully received.
I have been working for the best part of two years for a small consultancy company which is head quartered in Asia.
The UK registered company formed to develop the business here in the UK stopped paying wages back in April and the MD took over paying our wages out of his own pocket to keep us working for him.
The old business was folded a couple of months ago by the taxman for failing to keep up with PAYE payments. The original investors are Asia based and effectively just abandoned the company.
The MD who was paying us has now set up a new UK business to carry on where the old one left off (we just landed our largest contract ever and have a huge contract due in three months time so are/will be profitable for the first time).
He's asked us to fill in a P46 form and I would like opinions on the ramifications for me.
Firstly I'm sure no tax or NI has been paid for me this year by the previous company and he has paid me the same amount of "take home" to keep us going.
I am concerned that *I* have some direct liabilities to the taxman and I'm concerned that my take home is going to be hit significantly by being taken on by the new company on emergency tax halfway through the year.
Any advice gratefully received.