Re: Moving company bank money around...

"Peter Saxton" wrote
... How could [HMRC] take me to court
to obtain [the funds] if they belong to HMRC?

"Tim" wrote:
The same way that a landlord can go to court to
get possession of their property from a tenant...

Just because something is owned by someone,
doesn't necessarily mean they *control* it.

Another example:
You lend your lawn mower to your neighbour.
It's now locked in his shed - can you
control it? No. Do you still own it? Yes.

"Peter Saxton" wrote
So you think that HMRC own the money?

"Tim" wrote:
Effectively, yes.
Do you think they won't do anything if
you don't hand it over when you need to?

"Peter Saxton" wrote
You don't seem to understand the concept of ownership.

If I have two bank accounts both with £10,000 pounds in
them. I owe HMRC £7,000. Which funds do HMRC own?

Well, you could start by considering where the two sets of £10,000
came from, and for what you owe the £7,000 to HMRC etc etc....

But really, it's a silly question - just like if you have a
joint a/c with your wife, owning half each, then which
of the funds do you own and which does she own?

If there were £2000 in the a/c, is the first £1000 yours or
is the last £1000 yours or is "every other" pound yours....

The answer is, it doesn't matter.


.

Relevant Pages

  • Re: Moving company bank money around...
    ... I owe HMRC £7,000. ... Which funds do HMRC own? ... "If I have two bank accounts both with £10,000 pounds in ...
    (uk.business.accountancy)
  • Re: Moving company bank money around...
    ... to obtain if they belong to HMRC? ... If I have two bank accounts both with £10,000 pounds in ... I owe HMRC £7,000. ... Which funds do HMRC own? ...
    (uk.business.accountancy)
  • Re: Moving company bank money around...
    ... If I have two bank accounts both with £10,000 pounds in ... I owe HMRC £7,000. ... Which funds do HMRC own? ...
    (uk.business.accountancy)
  • Re: Moving company bank money around...
    ... to obtain if they belong to HMRC? ... get possession of their property from a tenant... ... doesn't necessarily mean they *control* it. ... Which funds do HMRC own? ...
    (uk.business.accountancy)