Tims Companies

Created by Andrew 8 years ago
If you google my brothers full name you will get many returns showing him to have been registered as a company director. This was from the time between 1998 and 2003. The company name was Cobiatec and it was set up by Tim and his then girlfriend Heidi. The sole purpose of the company was to enable Tim to go contracting in the IT world. He set himself up as the director and Heidi as the company secretary. The idea was that Tim would go off and work and earn the money and Heidi would be responsible for the company accounting and reporting to governing bodies such as HMRC. At the time Tim was earning fantastic money, however he was also spending fantastic money! By the time it came to file the accounts there appeared to be a massive hole in the companies finances, together with a lack of accounting and a distinct lack of reporting! It turned out that Heidi was far more skilled in the art of spending money than she had ever been at recording it anywhere. By the time the company was wound up there was a tax bill of circa £65k to pay. I went to the meeting with Tim to wind the company up and was impressed and shocked at the same time when the guy revealed that the £35k bill the company owed to his department was to be written off against the company. There was however another tax bill that they would consider looking at in the future of around another £30k. To my knoweldge this bill was never chased and Tim had managed to escape unscathed again! What an experience!