We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Please Help! Br And Tax Problem!
surjit_singh
Posts: 1 Newbie
Hello
I Have Recently Went Into Investigation For Tax Puposes, I Am Not A Business But Only An Individual. Things Do Not Look Too Good As I Have Always Taken Cash In Hand For Most My Jobs, My Debts Have Started To Take There Toll As Well, I Am Married With Three Children And A Mortgage, I Have Several Credit Cards With Balances And OVERDRAFTS That Are Near There Limits. However All Debt Is Up To Date Until Now When I Got Told This Morning That I No Longer Have A Job. The Stress Is Building Up, Money Running Out And Tax Man ON My Back.
My Question Is That I Have Read From Other POSTS That Most Of Your Debt Is Wipped off If You Go BR but Does The Same Apply To The Tax Man!! Or Is The Case That Once You Get Back Up On Your Feet He Comes To Destroy Your Life Agin At That Point.
BR Is Not An Option That I Want To Take But I Have Now After Many Years Missed Serveral Payments On My Dents Including My Mortgage.
If They Decide To Sell My House I Have Some Equity On My House But It Certainly Wont Cover All The Debt I Owe And Certainly Not The Tax Man.
Any Advise In General For Me And My Struggling Family Would Be Helpful. Dont Know What To Expect.
Thanks For Any Help Given
Take Care
I Have Recently Went Into Investigation For Tax Puposes, I Am Not A Business But Only An Individual. Things Do Not Look Too Good As I Have Always Taken Cash In Hand For Most My Jobs, My Debts Have Started To Take There Toll As Well, I Am Married With Three Children And A Mortgage, I Have Several Credit Cards With Balances And OVERDRAFTS That Are Near There Limits. However All Debt Is Up To Date Until Now When I Got Told This Morning That I No Longer Have A Job. The Stress Is Building Up, Money Running Out And Tax Man ON My Back.
My Question Is That I Have Read From Other POSTS That Most Of Your Debt Is Wipped off If You Go BR but Does The Same Apply To The Tax Man!! Or Is The Case That Once You Get Back Up On Your Feet He Comes To Destroy Your Life Agin At That Point.
BR Is Not An Option That I Want To Take But I Have Now After Many Years Missed Serveral Payments On My Dents Including My Mortgage.
If They Decide To Sell My House I Have Some Equity On My House But It Certainly Wont Cover All The Debt I Owe And Certainly Not The Tax Man.
Any Advise In General For Me And My Struggling Family Would Be Helpful. Dont Know What To Expect.
Thanks For Any Help Given
Take Care
0
Comments
-
Welcome Surjit. If you do decide to go bankrupt the debt to the taxman WILL be included so no need to worry about that. How much equity do you have in your house and is your wife included on the mortgage? How many children do you have? Do you have any debt secured on your house?
Its always advised that people phone one of the debt charities like CCCS or CAB or National Debtline. Their contact number can be found on the first page of this forum.
:j :j
0 -
surjit_singh wrote: »Hello
I Have Recently Went Into Investigation For Tax Puposes, I Am Not A Business But Only An Individual. Things Do Not Look Too Good As I Have Always Taken Cash In Hand For Most My Jobs,
How do you show you live?
Do you pay cash into your bank account to cover bills/mortgage?
Does you wife work?BR 08/05/2008
ED 29/10/20080
This discussion has been closed.
Categories
- All Categories
- 346.5K Banking & Borrowing
- 251.3K Reduce Debt & Boost Income
- 451.3K Spending & Discounts
- 238.7K Work, Benefits & Business
- 614.1K Mortgages, Homes & Bills
- 174.7K Life & Family
- 251.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards