Re: Advice to staff
"Having been through a corporate insolvency, I have some advice for Misco employees: Get out as fast as you can."
Given how long things have been going on, you've probably left it too late to not be adversely impacted.
I would anticipate the company has in at least the current financial year and if not the previous year:
1. Not paid NI contributions to HMRC (but will have deducted them from your pay).
2. Not paid contributions into your pension scheme.
The absence of NI payments will directly impact your entitlement to state benefits - such as Statutory redundancy pay - and will also mean the months when you thought you were paying NI but weren't, do not count towards your state pension entitlement.
The missing payments into your pension scheme, will have a varying impact:
1. If it is a defined benefits scheme, well the scheme will be even more underfunded than it probably already is - there is a government-backed scheme that may help to cover this shortfall.
2. If it is defined contribution scheme, you've lost a few months contributions.
3. If you have payroll deducted FSAVCs then you've probably also lost these contributions.
By joining the queue of creditors you might be able to recover some of these monies down-the-road, but given the odds against recovery, I would treat any monies recovered as a lottery prize.
Word to those not about to be made redundant: Do your FSAVCs as direct debits from your bank account as that way you know if they have or have not been paid and whether tax rebates from HMRC have or have not happened.
As for PAYE, just as long as you have your payslips showing tax has been deducted, HMRC will not ask you for the unpaid tax...