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wills1957
Starting Member
2 Posts |
 Posted - 27 May 2009 : 21:49:28
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| if i went bankrupt could i still work as a self employed person |
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leakie
Junior Member
United Kingdom
158 Posts |
Posted - 28 May 2009 : 05:59:55
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Hi Wills1957
Welcome to the forum
I went BR nearly 6 months ago,
I am Self employed, and still in my same trade
So there is no problem in being self employed,
All the best
Leakie |
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philtam
Starting Member
United Kingdom
28 Posts |
Posted - 28 May 2009 : 07:39:00
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Leakie, You said you carried on with your business - How did this work? Did you have to send your business cheque book and card to the OR? Did you open a new business account? Was your business officially closed and you just start up again same day etc. We are in same position and the business is my main worry. A timescale breakdown of what happened would be great - If you have the time. |
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leakie
Junior Member
United Kingdom
158 Posts |
Posted - 28 May 2009 : 17:12:22
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Hi philtam
When I asked the OR about carring on as aSole trader, she said no problem,
Regards to the bank it is entirly upto them, as it is the bank that closes down your bank account not the OR,
I have not opened a Bussiness Bank account, I am using my Coop cash minder account,
So every thing I pay out for for the bussiness is paid by card or cash.
The inland revenue asked me to contact them to let them know what I was doing,
if they contact you tell them that you are starting a New company in the same name, they will then send you a different Tax ref Number,
Hope this helps
Leakie
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philtam
Starting Member
United Kingdom
28 Posts |
Posted - 28 May 2009 : 17:51:01
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Thank you so much Leakie,
Did you close down and open up same day - starting afresh with accounts. Did the OR meet you face to face and go through your books and how often did they want to see them.
Sorry for questions |
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leakie
Junior Member
United Kingdom
158 Posts |
Posted - 29 May 2009 : 05:54:41
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Hi philtam
I went BR January 6th,
OR interveiw January 23rd
Ask to see accounts for the 1st 3 months
have been told I will have a second interveiw, but as yet not heard a thing,
so officaly I started trading again on 24th January, as at the time I was not sure what I could and could not do.
it has been hard as the cash flow was very slow to start with, a lot of jobs paying 2-3 months after invoice,
I got to keep all my tools of the trade my Van worth about £2800.00,
I have been told by my old IP that it is likly that I will not receive an IPA, as being self employed, you don' show a profit until the end of the tax year, Not sure weather this is true or not,
Hope this helps
Leakie |
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philtam
Starting Member
United Kingdom
28 Posts |
Posted - 29 May 2009 : 11:04:27
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Thank you once again Leakie. Its really helpful to hear from 1st hand experience. Can you open a co-op account in your business name or does it have to be your actual name.
e.g pb plumbers or does it have to be p smith |
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wills1957
Starting Member
2 Posts |
Posted - 29 May 2009 : 14:55:27
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hi leakie thanks for that, im at that stage and nervous about it all. not knowing what to expect,and to actually take the plunge. my work van is a contract one the payments on this have been kept uo to date, would i loose it.
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leakie
Junior Member
United Kingdom
158 Posts |
Posted - 29 May 2009 : 18:07:51
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Hi Philtam
I have just got the account in my own name, not the bussiness,
All I have done is written on the bottom of the Invoice, Please make cheques payable to P Smith
so far have not had a problem.
All the best
Leakie
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leakie
Junior Member
United Kingdom
158 Posts |
Posted - 29 May 2009 : 18:13:23
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Hi Wills1957
There is a posability that you will loose it as the contract is with your pre Bankrupt firm, and not your new firm.
I would check the terms and conditions.
I had a Lease hire car from Lombard, I informed them twice in writting that I had gone BR, and they only took the car away 1 month ago, so 4 months sitting on my drive.
They are snowed under at the moment with collections.
All the best
Leakie |
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could i still work as a self employed person
