HMRC and Bankruptcy

nemrod

Hello All,

This is my first post here and I wish it were on a happier note. In summary I have been wrangling with HMRC over a number of years due to income tax debt which I owed when my business went bust. I've managed to reduce the debt I owe from about £45k to £7k currently. I have no way currently of paying this last £7k and it seems that HMRC have passed this debt on to a company called 'Credit Solutions Ltd'. This lot have been harassing me of late and have now suggested that they are taking me to court to bankrupt me. I have some equity in my house but can we be forced out of our primary residency given that I have a 2.5 year-old daughter and my wife is 5 months pregnant? Can anyone suggest any 'free' places for legal advice? Thank you in advance

philnicandamy

Hey Nemrod welcome...

1st off if credit soluitions are saying bankruptcy it's more than often a bluff..if the did petition for BR it costs them a considerable ammount to do so..

If the house has some equity then you'd be offered chance to "buy out" the official receivers interest IF you did end up bankrupt...best thing to start contact BDL have a chat with them they can offer further advice & are totally FREE

http://www.bdl.org.uk/

kepar

Surely though if the OP had any money to buy any equity he could have used this to pay the tax man?

philnicandamy

kepar wrote: »

Surely though if the OP had any money to buy any equity he could have used this to pay the tax man?

depends how much equity we're talking about...the OP did say Small

nemrod

kepar wrote: »

Surely though if the OP had any money to buy any equity he could have used this to pay the tax man?

Sorry for my ignorance but what does 'OP' mean?

alastairq

OP means 'orginal poster'...

the OP did say Small

'some' is the word he used, I think..similar, but maybe not quite as small as we imagine?


When purchasing equity, since this may take some time, it also may be possible for the OP to obtain this money from other sources...

But not have access to that source to settle any debts...to be fair

mel12

try http://taxaid.org.uk/

mel12

They have a helpline but its not advertised well on their homepage. See http://taxaid.org.uk/pages/taxaid-helpline

nemrod

alastairq wrote: »

OP means 'orginal poster'...



'some' is the word he used, I think..similar, but maybe not quite as small as we imagine?


When purchasing equity, since this may take some time, it also may be possible for the OP to obtain this money from other sources...

But not have access to that source to settle any debts...to be fair

The equity I believe I have would cover the tax debt but I can't access it. My mortgage company aren't interested and I can't get a secured loan on the house either. Selling the house won't guarantee any net profit in this market and god knows how long that would take. Plus it would leave us homeless as I couldn't buy another house.