Going BR, few questions

Bmwm3gt2

Hi, should have done this a long time ago but have got a couple of questions. I have just had my house repossesed, the OR cant change that and make me keep paying for it can they? I have very few assets (wii, clothes etc), they wont take them will they? I am a self employed taxi driver that has not payed any tax, stupid I know. Can they take my car off me, I dont think they will as it will make me out of work, also I have not done any tax returns, do I need to do these before going BR or will it all be wiped out and start with a clean sheet and do it all above board from then? Any help would really help as I'm a bag of nerves at the moment, thanks.

deedee_3

The first thing you need to do is go to one of the debt charities, Business Debtline, National Debtline, CCCS or the CAB (will find link to their numbers for you.) You must get professional advice as the judge may pospone your BR if you do not.

You will not be made to take on the house again so don't worry. The only thing assest wise the OR is interested in is antiques and expensive electricals. Your tax will be included in your BR. If your car is business then it should be safe.

Welcome!

EDIT: Links from Tigerfeets signature, thanks.
Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only.

CCCS 0800 138 1111 National Debtline 0808 808 4000 Business Debt Line 0800 197 6026 CAB – Contact your local office and ask to speak to a Specialist Financial Advisor. Insolvency Service- 0845 602 9848

gettingbetter

Hi Brookes

The or will require that you get an accountant so they can assess how much you should have paid. I am saying this cause oh is in same position just bit different for us as he has been off work due to serious illness for last 7 years and only went bk to work in April this year. They need a figure so that later Inland Revenue cant come back later and bite you in the bum.

How long have you been trading cause they will go back 7 years.

kas

Bmwm3gt2

gettingbetter wrote: »

Hi Brookes

The or will require that you get an accountant so they can assess how much you should have paid. I am saying this cause oh is in same position just bit different for us as he has been off work due to serious illness for last 7 years and only went bk to work in April this year. They need a figure so that later Inland Revenue cant come back later and bite you in the bum.

How long have you been trading cause they will go back 7 years.

kas

Thank you both so much, I will call as mentioned straight away. I have been taxi driving for just over 4 years, though I can only estimate my income as I dont know where my figures have gone, lost them all when I got divorced.

fiveyearplan

I didn't have my last years 06/07 or 07/08 accounts done because I couldn't afford to pay an accountant. I didn't have to get one in and it was all wiped out in my BR.

gettingbetter

Hi Fiveyear

The accountant we use has told us it will be about £200 for the year which works out at £4 per week. I am in scotland so may be a bit different for me

kas

fiveyearplan

I wouldn't pay anyone to do the account until/unless you are sure they need to be done.

Bmwm3gt2

thanks fiveyear, I'll wait and see if I'm asked to do them