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A question about tax!
kes0904
Posts: 43 Forumite
Had my OR interview today, and all went well.
It looks like we may be handed over to the IP as we have equity in our home of approx £37k (which would never have paid off our £85K debt), but obviously it's a large amount to deal with for paying our creditors.
I have been a director of a limited company for the last 3 years- purely as it was a better way to process my accounts for my business rather than self assessment.
I will now be winding down my company, and have just over a years worth of accounts to finalise- and I'm expecting to have a tax bill of around £2000.
I asked the OR how I would go about settling this, as for obvious reasons- I don't have the money to pay my tax.
She said it would not be covered in the bankruptcy, and to seek advice from the Inland Revenue as to what to do about it.
Has anyone else been in this situation, and if so- what did you do re your tax that you owed?
It looks like we may be handed over to the IP as we have equity in our home of approx £37k (which would never have paid off our £85K debt), but obviously it's a large amount to deal with for paying our creditors.
I have been a director of a limited company for the last 3 years- purely as it was a better way to process my accounts for my business rather than self assessment.
I will now be winding down my company, and have just over a years worth of accounts to finalise- and I'm expecting to have a tax bill of around £2000.
I asked the OR how I would go about settling this, as for obvious reasons- I don't have the money to pay my tax.
She said it would not be covered in the bankruptcy, and to seek advice from the Inland Revenue as to what to do about it.
Has anyone else been in this situation, and if so- what did you do re your tax that you owed?
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Comments
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Hi, I was told the tax owed could be taken into bankruptcy but perhaps our experts will answer you on this oneBuilding a new life after bankruptcy0
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Is the tax owed by yourself personally, or by the limited company?0
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It will be owed via the limited company.0
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No- it doesn't0
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Did anyone have any more info on this?
Would be grateful for any knowledge on this subject
Thanks in advance0 -
the company owes the debt not you, if any action was to be taken it would be against the company, you can apply to have the company struck off, tell HMRC and see if they objectHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0
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