In a bit of a pickle (self employed)

motinter

I've really run myself into problems over the last few years; and it's all finally hit.

Currently, my personal income has dropped significantly.

I've been unable to pay my minimum payments on my debts, and have set up a Token Payment Plan whilst I hopefully manage to sort myself out. This will be reviewed in April.

My real issue is in the next month or two.

I am currently in arrears on my tax, and am having trouble paying that. And the big issue is on top of that I will be due to pay my tax at the end of January.

As I am in arrears there will be no option to set up a payment plan. I have no savings, will be unable to get credit and have no assets.

Could anyone offer any advice on my situation? I'm pulling myself out from a bad place and hope to be able to improve my income situation very soon.

sourcrates

Hi,

Personally i would ring business debt-line and get some advice from them, as its specific Tax advice you need here, beyond the normal realms of an internet forum :

https://www.businessdebtline.org/

fatbelly

Agreed. I'd be thinking about insolvency if you don't own property, but BDL are best placed to advise

motinter

Okay, thanks for the help there.

Insolvency may have to be the solution now; I know it will hit my credit rating hard. I'll give BDL a call and see their recommendation.

System

mattyashy wrote: »

Could anyone offer any advice on my situation? I'm pulling myself out from a bad place and hope to be able to improve my income situation very soon.

Get some more guaranteed employment, look for a job as quite clearly the self employment isn't working. At this time of year agencies are screaming out for warehouse and delivery workers to cover Xmas and January sales periods and you don't need qualifications for that.

Also get onto https://www.entitledto.co.uk and make sure you're getting all the benefits you are entitled to.