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Going Bankrupt
Bobby_Bouche
Posts: 92 Forumite
Due to a looming HMRC case where i am more than likely going to get a huge tax bill with a penalty I imagine going BR will be my only option.
I own no property and have no assets. HMRC are not likely to give me any time past 1 year to pay it.
If i had for example £10k in savings and pay accountant. Then then withdraw the rest would that have any impact on the BR? This would probably be 6-12 months time and long long before any deal is offered by HMRC etc.
I own no property and have no assets. HMRC are not likely to give me any time past 1 year to pay it.
If i had for example £10k in savings and pay accountant. Then then withdraw the rest would that have any impact on the BR? This would probably be 6-12 months time and long long before any deal is offered by HMRC etc.
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Comments
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have no assets.If i had for example £10k in savings and pay accountant. Then then withdraw the rest
"If" you had cash to pay an accountant and be able to withdraw it, you would have assets. Cash in an account is an asset which would have to be declared. And paying someone in preference to others E.G. HMRC, prior to BR would need to be explained.Unlike some here, I am not omniscient. If I am wrong correct me. I won't take offence.
The law is like an ocean - have a swim but don't drown.0 -
10k cash IS an asset! & best to use that then subject yourself to BR!
Lots of info at business debt line to get reading
https://www.businessdebtline.org/EW/information/business insolvency/Pages/Debt-topics-business-insolvency.aspx0 -
Thanks for the reply's and info folks.
Much obliged.0
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