Taxes Owed

[PMM2]

Hi Guys;

It is the first time here but I really feel the need to connect with some similar minded people outside of my circle. First let me know say I am not in the USA.

I have been struggling with my business for 9 years now. I tried not to have a lot of debt but ended up having to borrow a loan which I am struggling to repay to cover taxes owed. Now I got a claim from the taxes for PAYE outstanding. Just at a time when I am about to get paid for a contract which would help to ease the cash flow burden and allow me to do some marketing, stocking and some other desperately needed things.

I am not even sure what it is I need to ask. Guess I just want to know if anyone has ever been there. That place where you know that it can work but...... it always seems to be around the corner. Don't get me wrong I am not giving up or anything, guess I just need to vent.

Anyway feel free to comment and share.

[Fulcrum]

Been there, done that.

Three months after I started, the government decided that they wanted to reassess my previous years taxes. Turns out that a claim I had received I wasn't actually qualified for (last time I will use a a large national "accounting" chain). That was a fairly large chunk of change that had to be repaid back to the government.

Keep at it and don't give up. If you see light at the end of the tunnel that is. My concern right now is the 9 year struggle. Can you give us a little more information about your business?

[PMM2]

Hi Fulcrum;

Yes I know that is the real issue. It is a combination of some bad decisions and not doing proper day to day management. Initially I made the bad decision of having a partner who was supposed to be silent. Needless to say that changed and our first major cash input went to buying him out. Then I have not managed expenses as I should coupled with insufficient marketing and me being to involved in the technical work rather than the management of the business (IT sales and service). Now that I am trying to fix these things and we are making some headway we are significantly under capitalised. In an ideal situation I would reduce my salary bill and I know this may sound strange but that is not an option at this time.