HMRC - Working Mum, trading out of debt

123Debtfree

Hi There
I’m about £55k in debt to the HMRC after the sky fell in last year and we lost a massive client. I’m desperately trying to trade my way out of it as I don’t want to have to fold the business (have a couple of personal guarantees).. I’m the sole bread winner and a working mum so the worry is huge. I think I have enough in my order book to clear this debt this year - but - I’ve just missed a payment plan payment set up with the HMRC as I basically had to pay the mortgage and feed the kids or pay the HMRC - I chose to feed my kids! It’s now been passed to Field Force and I haven’t yet had any contact - I called the HMRC but they said field force will be in touch, and to try to keep chipping away at the debt in the mean time.. which I will do, but only to the tune of £2 - 5k a time for the next few weeks. Does anyone else have experience of this point in the process and what my chances are of trying to set up a payment plan with field force?
I have no stock in trade and have cut costs right back to nothing to try to turn the business around. Any advice would be appreciated 🙏🏻

Takeaway_Addict

123Debtfree wrote: »

Hi There
I’m about £55k in debt to the HMRC after the sky fell in last year and we lost a massive client. I’m desperately trying to trade my way out of it as I don’t want to have to fold the business (have a couple of personal guarantees).. I’m the sole bread winner and a working mum so the worry is huge. I think I have enough in my order book to clear this debt this year - but - I’ve just missed a payment plan payment set up with the HMRC as I basically had to pay the mortgage and feed the kids or pay the HMRC - I chose to feed my kids! It’s now been passed to Field Force and I haven’t yet had any contact - I called the HMRC but they said field force will be in touch, and to try to keep chipping away at the debt in the mean time.. which I will do, but only to the tune of £2 - 5k a time for the next few weeks. Does anyone else have experience of this point in the process and what my chances are of trying to set up a payment plan with field force?
I have no stock in trade and have cut costs right back to nothing to try to turn the business around. Any advice would be appreciated 🙏🏻

Better people I am sure would advise but with the overpayments are you still putting money aside for future tax or are you expecting this to be tagged on to the overall debt?

Again someone may say its not the case but if you can demonstrate you are paying it off and also accounting for future tax to be paid immediately then I can't see them not trying to help

BoGoF

Unless you can immediatelly bring your previous agreement up to date I have to say it's not looking good. You don't say what type of tax it is but if it's VAT or PAYE then they don't take too kindly to this. If you are a Ltd company are you trading whilst insolvent?

Annisele

If you haven't already, it might be worth giving Business Debtline a call.


Given that you mention personal guarantees, I'm guessing you have a limited company? If so, is it the company or you personally that missed the payment to HMRC? And for what kind of tax?

cedrag

123Debtfree wrote: »

Hi There
I’m about £55k in debt to the HMRC after the sky fell in last year and we lost a massive client. I’m desperately trying to trade my way out of it as I don’t want to have to fold the business (have a couple of personal guarantees).. I’m the sole bread winner and a working mum so the worry is huge. I think I have enough in my order book to clear this debt this year - but - I’ve just missed a payment plan payment set up with the HMRC as I basically had to pay the mortgage and feed the kids or pay the HMRC - I chose to feed my kids! It’s now been passed to Field Force and I haven’t yet had any contact - I called the HMRC but they said field force will be in touch, and to try to keep chipping away at the debt in the mean time.. which I will do, but only to the tune of £2 - 5k a time for the next few weeks. Does anyone else have experience of this point in the process and what my chances are of trying to set up a payment plan with field force?
I have no stock in trade and have cut costs right back to nothing to try to turn the business around. Any advice would be appreciated 🙏🏻

£2000 - £5000 to feed your kids for the week?

What are you feeding them, Caviar? :huh: