I gotta get this off my chest. I hope you guys don't mind
My husband has had a business account as he is a contract worker and the companies who hire him usually want to pay a company not at individual. Contract work has been sparse for a while now and when the business account needs money it increasingly has come from my personal account. Late last week/early this week I transfered £500 to the account for an online purchase (this account has insurance for online stuff and mine does not) which went through just fine. Then the company decided to cancel the order and return the funds (pain in the ass as they didn't tell us we had to make several phone calls over several days to figure out what the problem was and that it wasn't a problem with the bank). Well it wasn't a problem with the account yet but in the past 2 days it has become one helluva problem! The tax man has closed the account and taken all money in it, just over £600 the majority of which is my paycheck money! It's not like we are going to go hungry or be made homeless or have the power cut or anything dramatic like that but I still wanna cry a little. Thats half my future laptop money, or my citizenship money for that matter (I have a number of expensive things to save up for). Hubby keeps saying he is sorry, he thought the problem with the tax man had been sorted and I don't blame him either, I am just worried about how well he deals with stress (he could work on that little problem). We have talked to the bank and the accountant and we may be able to get the money back eventually so keep your fingers crossed guys!
Well I gotta go get some food shopping (at least my account is strong and can handle our food needs and such). I will be back later
I was gonna say 'only in America thanks to the IRS' but obviously not.
you're right, kristen, that does suck and blow. it is a scary proposition when the government can take money that you worked hard for just like that.
The taxman takes your money from your savings account? Wow!
It's a business account we set up back when there were contracts about. With no contracts for the past 2 years or so we have not had earning to tax yet still have to do the paperwork. We got late on some of it but called and explained and the accountant said all we had left to do was sign some paperwork to satisfy the tax man but I guess it just took to long
Does that mean the money was taken as a fine because you were late in getting your information to the tax man?
If so, your accountant should have been making sure that you would do the paperwork on time.
You might be better off closing the company. I use one for my freelancing, but it is a PITA.
There are a number of umbrella companies set up specifically to be used for contractors for that purpose. If you google for umbrella company, you'll find loads. There's even a site that reviews the top 100.
Back from shopping
We had our business account closed and they took whatever was there. I think if we had only had a few £'s in there they would have taken that and we wouldn't have been quite so panicked about it. I did stop by my bank and I have enough there to feel like I can relax and just trust the bank about the accountant being able to get the money back. We are going to have to do something different with a business account in future, get my mother in law as a partner (she has run and does run businesses successfully, without getting behind on paperwork) as she has said thats what she thinks we should do. She is very cool and if my account had been a bit low she would have transfered funds pretty quick for us, she wont let anything happen to her kids or their women
Now I am going to have to think about putting my fish on! Yummy! Fresh fish
That doesn't sound good Kirsten - I didn't know that the taxman could just close a bank account? Doesn't seem to make much sense.
Hope you get your money back and that hubby doesn't get too stressed. Praying to the Amazon gods for you for a very profitable weekend!
On a funny note our accountant is Mick Jagger!
Seriously thats his name! Not of course the singer
Sorry to hear, Kirsten, Hopefully it can all be resolved soon!
I don't know tax laws outside of the US but I know here the tax man can seize anything they want, accounts,money,property etc. to cover tax debts and fines. There are some exception rules in the US which allow you to exempt certain items from seizure but you have to do it before it is seized which is almost impossible because they aren't going to warn you for fear you will try to hide assets.
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