VATman - adjourned petition TOMORROW (Monday) - JUST found out - help!

In-a-total-panic

Thanks for the various responses on this thread.

Breathe out - they will request an adjournment and they will send details of the new hearing date - to the correct address this time!

The main reason I have not paid the VATman (other than not having it) is because I discovered (the hard way) about what happens to money paid on assessments.

There was a period from about 5 years ago to about 3 years ago when I didn't do returns (I have done them religiously since for the last 3 years). Assessments were raised. Some were paid, others weren't, but they just regard assessment money as a big pot and assign receipts to the oldest first, chasing the remaining large balance for the whole period. At one point I sent in 3 returns - one was actually about £100 more than the assessment. The other 2 collectively about £1500 less than the assessments.

I received 2 letters. The first said that I owed them a further £100 plus penalties for the first return. The second letter said they owed me £1500 for the second and third returns, but as it related to returns of over 3 years old I wouldn't get the overpayment back!

That's called having your cake and eating it in my opinion. Fine (well, not fine!) their ruling about over 3 years may be the case - but couldn't they deduct the £100 underpayment from the overpayments! Bar stewards!

Anyway, learning from this, it is my intention to not pay them a single penny until AFTER they have processed all the real figures for the outstanding returns.


Moving on and THINKING AHEAD:


In the above posts I did raise a question about a Building Soc account we have for our child. I'm sure it could probably be transferred into their own name now, but would be worried that they might get a bit silly with that much money. But, should my situation still end up in BR, I am concerned that many years of saving child benefit could be grabbed by the powers that be.

Does anyone know the situation re child accounts in BR where the child is named on it but it's held in the names of the parents please? Can this be frozen/used?

tigerfeet2006

No a childs account shouldn't be used at all, though some banks are naughty and do all sorts. Best get itin a place you have no debt with if you don't want to put it in their own name just yet. Better safe than sorry.

My advice still stands, have a chat with BDL as well so you are aware of all possibilities.

In-a-total-panic

Thanks.

The child account is in a Building Soc that I have no other dealings with. So OK as it stands by the sound of it?

Just how do "they" freeze all of your accounts - do they really know everything and everywhere? - and is it really as soon as the judge bangs his big hammer down?

(Easy for them in my case once they've found one account - I have sole, joint, business and business savings (just to hold the VAT money for the quarter) all with the one bank & branch.)

philnicandamy

Mosts banks will find out after your apperance in court from the London Gazette entry....

In-a-total-panic

philnicandamy wrote: »

Mosts banks will find out after your apperance in court from the London Gazette entry....

Ahh. So does that not then put the Building Soc child account at risk? Or, because the child's name is on it, does that exempt it?

Just to reiterate - no plans to go BR at the moment - a lot of it depends on what final figure comes out of the VAT office once they have processed all of the real figures as opposed to the inflated assessments.

peachyprice

It depends which bank the accout its with, if it's with the Halifax get the money out ASAP and open an account solely in your childs name. They are very BR unfriendly and will close the account instantly if they find out you are BR, and may hang on to the money 'just incase' the OR wants it.

I would also advise the same if it's Abbey, although they're not quite so bad, the do sometimes freeze the accounts of BR's children until after discharge.

Is your child old enough now to have an account in their own name?

HTH

In-a-total-panic

peachyprice wrote: »

Is your child old enough now to have an account in their own name?

HTH

13, so probably. Not sure what they'd do with £10K though! - although I THINK they're fairly sensible with money - idea was for car, university, whatever, when they're 18plus or thereabouts. (Nationwide, BTW.)

But could all end up on PlayStation 3 games ... or drink drugs and fast women!

SkintYokel

"But could all end up on PlayStation 3 games ... or drink drugs and fast women!"

At least he won't just waste it

pelirocco

be careful your bank doesnt get wind of it , they will probably freeze your account

edited to say i think someone has mentioned this

In-a-total-panic

Thanks for the various comments.