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fruitloop
Starting Member
United Kingdom
2 Posts |
 Posted - 14 January 2012 : 16:52:32
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Hi all.Great site 
New here so hope im doing this right.Looking for some help.
Well,about 14 years ago i became self employed(sole trader).All ok until 2005/6 when things went down hill. Credit cards,mortgage arrears and others became too much ending in us having to sell the house to clear the debts,leaving us with nothing. Family living abroad offered help so we up and moved away to try and start again.
Time passed and we struggled for the next 4 years just about getting by but then my wife gets an offer of a job back in the UK. So we come back to the UK in 2010 and get settled. Things finally look good as i soon get a job and both my wife and i become total free of debt(so i think).Then just before Xmas i get a letter from HMRC for a notice of surcharge for late tax payment for 2004.Confused i ring them to find out what it was about. After about 3 phone calls to different departments i am horrified to find that i owe nearly £35,000 in tax dating back from 1998 to 2006!!.A lot of which is made up of surcharges.
I have spoken to CAB but they just gave me more info about bankruptcy. I just don’t know where to go from hear. I have no assets. I rent privately. We owe no one else anything(that i know of),though we don’t have much left at the end of the month.
Is bankruptcy an option?I cant think that anything else will work. Any advice gratefully received. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 14 January 2012 : 17:03:33
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Hi fruitloop,
As this is your only debt, it really only leaves 2 options, making an arrangement with HMR&C or declaring bankruptcy.
Can you pay anything to them per month? If you can you could ask for a payment plan, otherwise bankruptcy might be the better option for you.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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fruitloop
Starting Member
United Kingdom
2 Posts |
Posted - 14 January 2012 : 19:25:39
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I don’t know if i am wrong but i was told that the HMRC will only accept payments in the short term .i.e. a few months or so. The spare cash we have at the moment would look at about 30 odd years to repay them,and that’s if they stopped adding the charges etc.
So looks like the bankruptcy rout may be the best bet for me.
One thing i was a bit confused with was the fact that it took them 2 years to contact me about the debt and even then they were more interested with the surcharge due. Still i want to get this sorted once and for all. I still remember the stress and worries we had prior to losing the house. Don’t want to go there again. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
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HMRC debt
