We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Having a business after having debt written off

I am going through the process of having my debt written off which includes fines owed to HMRC, will I still be able to be self employed after this has been sorted?

Comments

  • fatbelly
    fatbelly Posts: 23,732 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    I don't see why not. Life goes on...
  • Flyright
    Flyright Posts: 424 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Is it due to bankruptcy? I only ask as there are restrictions applicable to how you trade in self-employment whilst an undischarged bankrupt.
  • Yes it will be bankruptcy
  • fatbelly
    fatbelly Posts: 23,732 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    So the question is 'will I still be able to be self employed as an undischarged bankrupt?'

    As long as you're not the director of a company, you should be able to trade pretty normally. The restrictions are:

    you cannot:
    •borrow more than £500 without telling the lender you’re bankrupt
    •act as a director of a company without the court’s permission
    •create, manage or promote a company without the court’s permission
    •manage a business with a different name without telling people you do business with that you’re bankrupt
    •work as an insolvency practitioner
  • So, if I get permission from the courts, even though I owe HMRC money, I can still be self employed?
  • fatbelly
    fatbelly Posts: 23,732 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    If you're just self-employed as a sole trader you can carry on as you were.

    It your business is more complex than that I'd suggest a chat with

    https://www.businessdebtline.org/
  • Thank you, you've been great
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.1K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.3K Spending & Discounts
  • 247.1K Work, Benefits & Business
  • 603.7K Mortgages, Homes & Bills
  • 178.3K Life & Family
  • 261.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.