Self Employed In A Pickle Any Advice

dubiousp

After some advice or guidance of the best route to take, Ive been self employed since 2004 the first years of which I had a dodgy accountant which left me with a few problems which were a struggle to resolve.

Ive got a VAT bill which Ive sort of ignored because didnt have the money but got out of hand. I offered to pay a monthly ammount which they declined more charges added

I thought of winding up which feels bad morally but my current accountant advises against it as there will be investigations and I may have liability personally because of the way money is taken from buisness when not in profit

They have now agreed if I pay them a lump I can then pay 1100 a month thats ok but of course I can just see the liabilities mounting up

Or pay a lump wind up get a job PAYE with a loan to pay off

Bobarella

How much do you owe in total? I have to pay VAT in my business but it has always been deducted from source.

Sazzie23

Can you get advice from National debtline or Stepchange?

Sorry can't offer other suggestions as I have no experience of self employment and debt

antonic

dubiousp wrote: »

After some advice or guidance of the best route to take, Ive been self employed since 2004 the first years of which I had a dodgy accountant which left me with a few problems which were a struggle to resolve.

Ive got a VAT bill which Ive sort of ignored because didnt have the money but got out of hand. I offered to pay a monthly ammount which they declined more charges added

I thought of winding up which feels bad morally but my current accountant advises against it as there will be investigations and I may have liability personally because of the way money is taken from buisness when not in profit

They have now agreed if I pay them a lump I can then pay 1100 a month thats ok but of course I can just see the liabilities mounting up

Or pay a lump wind up get a job PAYE with a loan to pay off

Is the bill based on VAT Returns (or VAT assessments) OR n Officers Assessment ?.

If it is based on actual returns then HMRC will consider a reasonable repayment plan.

If you have ouststanding VAT returns then they will not consider ANY repayment request.

The only VAT debt that accrues interest , is one based on an Officers Assessment and this accrues interest until it is paid, other VAT debts dont accrue interest.

You can get penalties for making errors on your VAT returns.

Hope this helps.