Self Assessment debt

poplarcons

Help
I am hiding from the tax man who keeps coming to my house threatening me with baliffs. I owe £42,000 in self assessment tax and am struggling with credit card debts amounting to over £60,000 iI am in a partnership with my husband. He knows about the tax but not about the credit card debts. I feel I am sinking fast.

heartbreak_star

You can't hide from HMRC debt - this (I believe) could land you in prison so it's exceptionally important to sort it out!

Make an appointment with the CAB about all your debts including the tax, and post us up an SOA so we can help once the tax is sorted.

HBS x

bankscausepain

100,000gbp debt? You are gonna need a big income to get out of that one.

If you are looking for advice, it would help if you can complete an SOA.

amyloofoo

poplarcons wrote: »

Help
I am hiding from the tax man who keeps coming to my house threatening me with baliffs. I owe £42,000 in self assessment tax and am struggling with credit card debts amounting to over £60,000 iI am in a partnership with my husband. He knows about the tax but not about the credit card debts. I feel I am sinking fast.

This must be a really scary situation for you to be in, but it can be solved so please don't feel that the situation's hopeless - there's always a solution and there are plenty of people on here who've been in similar (or worse) positions so don't panic and do anything rash.

Firstly, could you please complete an SOA, which can be found in the 'sticky' thread for newbies at the top of the board. This will enable people to see your incomings and outgoings and means that the experienced posters on here can give you specific advice to help in your situation.

You also need to get advice from one of the debt charities, such as CCCS, as this level of debt is serious and could start to affect your business as well. They are able to offer you free advice and support, and talking to them may well help you to feel more reassured.

At some point, you're also going to need to talk to your husband about all of this. I know it must be very difficult to approach, but this level of debt is not manageable by yourself and it's not fair to keep him in the dark - particularly as this may well affect his business too. It's up to you whether you tell him now, or wait and get the advice first, but he deserves to know and you deserve to have the weight off your shoulders of carrying this alone.

redpete

amyloofoo wrote: »

Firstly, could you please complete an SOA, which can be found in the 'sticky' thread for newbies at the top of the board. This will enable people to see your incomings and outgoings and means that the experienced posters on here can give you specific advice to help in your situation.

With such a large amount of debt, especially such a large tax bill, I think the situation is beyond posting an SOA and well-meaning people giving advice on how to save a few pounds from a grocery bill or change to cheaper mobile and TV contracts.

You need specialist advice that includes expertise in dealing with business debt and partnerships.

Be prepared for drastic changes - and please share the situation with your husband, things will only get worse if you don't and this is not something you'll be able to deal with on your own.

All the best.

amyloofoo

redpete wrote: »

With such a large amount of debt, especially such a large tax bill, I think the situation is beyond posting an SOA and well-meaning people giving advice on how to save a few pounds from a grocery bill or change to cheaper mobile and TV contracts.

You need specialist advice that includes expertise in dealing with business debt and partnerships.

Be prepared for drastic changes - and please share the situation with your husband, things will only get worse if you don't and this is not something you'll be able to deal with on your own.

All the best.

Lol, I didn't think we'd solve this by recommending she shops around for home insurance, but the information on how much is on various credit cards and what apr they're at is useful for snowballing etc. It was more for background information than thinking it could be 'fixed' with the SOA; although I do think reducing the outgoings and emphasising how to live within means is going to be necessary to prevent this happening again.