UK Bankruptcy

DebtQuestion

Hello everyone,
I'd like to ask you all for some advice please. I currently have a business registered in the UK and I have overdue tax that I cannot afford right now. What are my options?

Could I go bankrupt and start a new company abroad?

Thank you.

JCS1

Is the business a limited company, partnership or something else?

If limited company, do you have any personal guarantees?

DebtQuestion

Ltd company with no one else involved. Thank you for your time.

[Deleted User]

DebtQuestion wrote: »

Ltd company with no one else involved. Thank you for your time.

Are you presently living in the Uk?

DebtQuestion

No I am not.

TheGardener

Read this
https://www.businessdebtline.org/EW/factsheets/Pages/bankruptcyandforeignissues/bankruptcyabroad.aspx?gclid=CjwKCAjw8qjnBRA-EiwAaNvhwMWof5EhhCaTEH3y7z6SiWQJk3GnNwfUkT7KPmI03xXffXqw0P-zdhoClhoQAvD_BwE

DebtQuestion

Thank you for the link. I've already read it just don't understand if I'll be able to use my bank account and start a new business in a EU country.

TheGardener

Your bank account? or the business one?

If the business goes BR then the business bank account will probably be closed.
HMRC are not easy to work with - they can be punitive - and rightly so given its the public purse that's losing out.

DebtQuestion

My personal bank account. Also, is there any way I can pay the tax/fine in installments or something along those lines?

[Deleted User]

DebtQuestion wrote: »

My personal bank account. Also, is there any way I can pay the tax/fine in installments or something along those lines?

Were you funding the business from your personal accounts?

Have you even been in contact with HMRC to ask for a payment plan?

DCFC79

Why can you not afford the tax now ?

Setting up a new business with a new account if abroad you would surely still have to pay a tax over there.

Your not Phillip Green are you ?