skintandsad's BR thread - self employed & being made BR by HMRC

arcon5

Sounds like ops husband is a trademan and his 'business' is actually just him, a few tools and a main client amongst odd jobs. So effectively a 'job' which should remain unaffected. Tools used for his trade should be okay, unless of course he has a 50ct gold hammer worth thousands or something silly .

Have him open a new Barclays cash card account and pay cheques in there from now on - the current account will probably be frozen, then closed upon discharge.

skintandsad

You are correct, Arcon!

Thank you to you all. It is great having a support mechanism when you don't know what to do or where to go; makes a world of difference

debt_doctor

Yes,

I used to work under the CIS scheme many years ago. You also need to be careful of your stock in trade being seized as an asset.
It would seem that as a single trader, your business has not acquired a realisable value - you couldn't sell the business as a going concern to another tradesman presumably as the 'contract' is all about you and your personal qualities.

Why do I ask?

Two months ago one of our clients went bankrupt, a sole trader, who ran a sandwich shop.
The business ended that day. All of the stock (bread, meats and general sandwich fillings) were seized and destroyed (as the OR would not take responsibility for the safety of them) and because the guy had contracts with various factories in the area to provide hot sandwiches at lunchtime his business was valued at £5000.

DD

skintandsad

Thanks, debt doctor for your input.

Hubby doesn't hold any "stock" that would be worth seizing. His business is decorating and it is mainly commercial premises, so he orders what is required for the job. The only thing leftover at the end of the job would be half tins of paint. If they decided to seize them, it would be no great loss but also there would be no point in them doing so?

Some of his tools would of course have value, however, he needs them for his job. He also needs his car, but it isn't of much value on the open market as it has 150,000 miles on the clock and is 6 years old. He couldn't downgrade much further!

He couldn't sell the business, no, as the people he works for employ him because of who he is, and the trust that they have in him.

debt_doctor

It seems that none of that would be a problem, the OR certainly won't claim half tins of paint!
Tools (as I think Arcon said earlier) are exempt from seizure as would be the vehicle if required for the business.

DD

fermi

Any news today? Or too soon to ask?

skintandsad

No news as yet, Fermi. Not sure when or how we might expect to hear?

JCS1

High Court will transfer to your local court, so may take a few days.

Try the insolvency register, though not sure how quickly it will be updated:

http://www.insolvencydirect.bis.gov.uk/eiir/

skintandsad

Nothing showing on the register as yet. I suppose we could ring the High Court in London to see if they will inform us of the outcome of the hearing.

skintandsad

Just a quick update:

Hubby had OR on the phone today who made an appt. to see him on the 20th August; so it has definitely happened now.

The OR advised him to open a new bank account (we'll do that tomorrow) and withdraw what he needs to live on in the meantime from the existing account today.

That's all