whats best ? owe money not paying tax

MoneyTalks_MineSays · 18 February 2007 at 2:21PM

Hi any advice appreciated,
need to sort out my financial,
I owe bank about £30K,(not spoken to them 2 years mooved away)
various store and credit cards about 10K(not spoke many years mooved)
Not paid Tax /Ni 3 years, did not register as was contemplating suicide, but not now, Am Self employed (but not registered, was putting off doing it,then think its to late,owe more all the time)
Best to look at BR ? What about Inland Revenue /
No House living in a friends holiday caravan
need to sort it out
help

backontheup · 18 February 2007 at 3:52PM

you have no assets and need to make a fresh start, so bankruptcy would be a good option for you. By doing this, you can start sleeping soundly at night, knowing that you have done something about it, rather than it all dangling over your head.

Good Luck. Bankruptcy couldnt possibly be as bad as all this worrying for you.

Mike_St_Helens · 18 February 2007 at 5:02PM

Sounds like youve already made your decision. You have nothing to loose !

Get this sorted and you only have a bright future ahead where you can concentrate on your business and then progress to more 'permanant' accomodation from there if thats what you want.

Good luck !

hitch_2 · 18 February 2007 at 5:41PM

If you do it now you can start the new tax year off by registering with Inland revenue,

less2303 · 18 February 2007 at 6:04PM

If you are thinking along the lines of Bankruptcy what you need to do is seek professional advice.

One thing that is becoming more and more vital is the need to show that you have sought professional advice before entering into bankruptcy!

Certainly this is now one of the most frequently asked questions by the District Judge, and where you have not, it is also becoming one of the most common reasons why the District Judge refuses your application for bankruptcy until you have.

If it is refused you will again have to find the complete set of court fees, which can add even more cost to your bankruptcy petition!!!

You can obtain free and impartial advice from the following organisations, and they will offer you advice to suit your particular circumstances. (Click on the name and it will take you to the relevant home page):

PayPlan

Consumer Credit Counselling Service

National Debt Line

Citizens Advice Bureaux - please make sure you book your appointment with the specialist money advisor as many of the volunteers don’t have the necessary experience and knowledge

You can also find a lot of information from the Insolvency Services own website, including a large number of downloadable leaflets about varies aspects on bankruptcy, such as Income Payment Orders, Bankruptcy Restriction Orders, What will happen to my house, etc, along with links so that you can either download the necessary forms (Form 6.28 and Form 6.27 for personal bankruptcy) and you can even fill them in on line.

But the key point is that you MUST obtain professional advice first.

Hope this helps!

MoneyTalks_MineSays · 18 February 2007 at 9:53PM

Thanks for the replys to my post,

I have just about made up my mind,
Time to face up to my debts, And feel bankrupcy is the best option,

However I am worried about contacting inland revenue having not contacted them since self employment comenced,and have not paid any Tax / Ni for 3 years, is there a chance of being prosecuted for tax avasion & prison ?

Yes I need to speak to someone have just found the number for the national debt helpline,

If were to declare myself bankrupt would this affect the wife's finances?

as I need to know before i speak to her about it

Regarding the Bank debt these were bank loans,a Credit Card,and a Overdraft all of which i defaulted on and did not give bank new address,
I did recieve a phone call about 18 months ago from someone who said he was a private detective employed by the bank to trace me, I told him i was not in the UK and would phone them when i was back, thought a good idea to buy me some time, never did , he said i had commited fraud and would be passing the case to the police as i had cashed cheques after the bank had requested the cheque book card returned.
Please advise
thanks

whats best ? owe money not paying tax

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free