Hi, all first sorry it's my first post and I'm asking for info/help!
So I have an LTD company retail that is NOT going well for the last 2 years mainly because of Brexit and the downturn of retail.
However, let me state i'm 100% up for paying what is due no issues at all. But here is my problem:
in 2018 My partner wanted £900 a month from me for my 2 kids, I felt this was too much (we split in sept 2017) so she went down the CMS Route.
The CMS have taken my wages and dividends from 2016/2017 (April to April) but my problem is when i was With her in 2016/2017 the business was doing ok but since it's not doing well.
But the CMS will not take my wages and dividends for 2017/2018 into account only the 2016/2017 and these figures are very different. While all this is going on i am paying £350 per month to her but I should be paying £900 per month! So the CMS say.
Im due in a tribunal in a few weeks and they are asking me to prove my wages for 2016/17 but this will not help me as i do not earn that money any more £60k (2016/17) now £25k(2017/18) When i show them the tax return they will make me pay from the 2016/17 accounts. I just don't think that's fair?
Am i wrong?
Do you have an accountant? If so, I would have a word with them - they should have experience of CMS and can hopefully produce figures which will be necessary for CMS. I would think that anything that shows a reduction of sales between then and now will help, so they don't think you are just hiding income.
from my experience CMS would like last years tax return if your current year one is not ready. so even if they used the old one. they review your income every year. so you have right to ring them with your latest tax return and show them whether income has gone up or done compared to previous years tax return. so you should not be stuck with paying according to your 2016/17 records.