Family Business sold for far less than paid for HMRC help

Steven_pearsall

My mother had a stroke in August last year and i am taking care of her personal finances

first of all she has a tax demand for nearly £17500.00 covering various years the actual tax owed is around £6500 the rest of the £17500.00 is charges and interest!!!!!

i agree the tax and interest needs paying but is there any way of reducing the penalty charges ???


Secondly we had a family business a post office
we purchased the nusiness in 1989 for £97000.00 it took 10 years to sell due to the governments eradicatiion of post office services.

the business went on the market to start with for £120,000.00 and we ended selling it for £50,000.00 (due to mothers ill health ) we had to get rid of it and couldnt find a buyer so the over the years the price was reduced to reflect the market

is there any way the loss can be reflected in tax terms ie some sort of relief on the self assessment

i would be very greatful for any advice

regards Steve

Savvy_Sue

I'd respectfully suggest that you need professional help with this: did the business / your mother have an accountant involved? Because that might have saved a good deal of grief at this stage.

somethingcorporate

Any "advice" you'd get on this forum would need verifying by a professional you could deal with in the real world so you had some come back if it went wrong.

Go and see an accountant.