Having a business after having debt written off

Clare19

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?

fatbelly

I don't see why not. Life goes on...

Flyright

Is it due to bankruptcy? I only ask as there are restrictions applicable to how you trade in self-employment whilst an undischarged bankrupt.

Clare19

Yes it will be bankruptcy

fatbelly

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

Clare19

So, if I get permission from the courts, even though I owe HMRC money, I can still be self employed?

fatbelly

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/

Clare19

Thank you, you've been great