Tax issue

[mojo1]

Hi There,

I am new to business and incurred a lot of costs setting up the business over the past two year. I failed to file returns on time for last year and now have a liabaility of approx €15,000 built up. Mainly due to the fact that I just didn't have the accounts in order. The Revenue are looking for payment.

I am stuck for cash at the moment, but have in the region of €40,000 in outstanding invoices to be collected, but I am finding it hard to get this money in.

Basically I am currently in a overdraft position approx €9,000 but I seem to be running to stand still at the moment.

What do any of you recommend, should I get a bigger overdraft to pay the VAT Liability, get a business loan, or a personal loan to put some cash into the business.

I am busy just keeping things running, but can't afford someone to look after the current customers so that I can spend time chasing the money outstanding.

Any advice would be appreciated.

 

[AV TEC]

You need to be more forceful in collection of outstanding invoices.If there long overdue.It's money at the end of the day owed to your company.
Personal Id borrow the money from where ever you can for now.Use your outstanding invoices and borrow against it.

Pay up before its to late!!!!!!!!!!!!!!

 

[mojo1]

Will do my best to get onto these, just find that I am spending so much time on accounting element of the business.

 

[abyrne151]

MAybe look at invoice discounting. It is not the overall solution as you still have to collect the cash but it will give you a short term cash injection.

You must note that there will still be monthly returns to be made usually within 7 days of month end and you will have to notify them of your sales etc so you wont get away from admin!!