HMRC Visited my house today to distraint goods, HELP!!!

JPS29

If anyone hasn't seen my previous posts I'll do a quick recap:

Booming business, went belly up. In the habit of not putting money aside for VAT due to huge cashflow. = VAT debt £43k (This will be written off when HMRC liquidate the business)

£10k Business bank account o/d, c/c, this is backed up by a personal guarantee meaning I am liable when the company is liquidated.
£14592 Self assessment arrears from previous self employment
£16k tax not yet filled in return for but will be due from dividens taken from ltd company.
BMW X5 on finance, this will be surrendered meaning I am liable for the £18k shortfall in finance.
£3k personal o/d
£5k approx personal debt

All in all roughly £70k worth of debt.

I was contemplating BR, and CCCS have also advised this.

My problem is I have put it off that long that HMRC have visited my house today while I was working to levy distraint on goods for £14,592.

Now I am really pooing myself, what do I do???

I know you dont let bailiffs in but does it work different with HMRC???

Do I sign anything or will this make it worse??

Can they come in when my OH is in and not me??

Can I "fob them off" while I get the balls rolling on BR??

Please help, I really am worried now, I was trying to delay this and hopefully build up a "reserve" of funds for when I'm BR in case of emergencies etc.

(also posted on DFW for further help)

maxmycardagain

toughie

HMRC put me into a ccj for £9000, prompting me to go BR

its your call, id go BR asap, HMRC can smell blood a mile away, and fear....

cant you call in the OR for the ltd company?

JPS29

Without sounding Blase' Im not bothered about the ltd co.

HMRC (Vat) are starting the process of winding this up at their expense due to the debt, so may as well let them do it and save me the fee.

I am going to go BR I just want to know if i can prevent them coming in to my house/levying while I get the wheels in motion

Broken_hearted

I doubt it

maxmycardagain

go BR asap, boutthe only way to stop em

at least with my CCJ i had 14 days to plan ahead, more in fact as after 14 days they won, when i went BR i equalised.....lol

Richard_S

Hi ITBS,

There's some useful information here, but I've no personal experience that would help.

http://www.taxaid.org.uk/tax_debt.cfm?secnav=7

Richard

JPS29

Thanks very much Richard,

That has reassured me slightly.

Think I will take tomorrow off work and get all this sorted, or at least the ball rolling. I will ring HMRC and ask them for one week to come up with a solution to this, in the meantime I will see if i can be made BR before the deadline is up.

I am so stressed now

Richard_S

InTheBrownStuff wrote: »

Thanks very much Richard,

That has reassured me slightly.

Think I will take tomorrow off work and get all this sorted, or at least the ball rolling. I will ring HMRC and ask them for one week to come up with a solution to this, in the meantime I will see if i can be made BR before the deadline is up.

I am so stressed now

Hi ITBS,

I can imagine you are.

If I was in your position I'd talk to the officers concerned and try to convince them that I could come up with some cash if they'd give me a 10-14days breathing space, and then try like mad to get myself declared bankrupt.

If the worst happens and they do take goods, then you will be told where they'll be sold, and you'll be able to buy them back very cheaply.

I would stop paying anything at this point, so that I could build up a cash reserve; cash talks, and with cash you've got options; without you're snookered.

We never had HMRC breaking the door down, but our situation was dire at times, and having the forethought to accrue a cash buffer got us out of some sticky situation.

Richard

JPS29

Hi Richard

Thats exactly what I'm gonna do. "convince" them that I will have half the money in 2 weeks, and the other half in a further 4 weeks.

In the meantime I will get myself BR PDQ, AND get my accountant to file my last tax return so that amount too will be included in BR.

Thanks again Rich, really apprecaited

Richard_S

InTheBrownStuff wrote: »

Hi Richard

Thats exactly what I'm gonna do. "convince" them that I will have half the money in 2 weeks, and the other half in a further 4 weeks.

In the meantime I will get myself BR PDQ, AND get my accountant to file my last tax return so that amount too will be included in BR.

Thanks again Rich, really apprecaited

Hi ITBS,

When I said I can't speak from personal experience I mean that I've got no specific experience of HMRC exercising distraint, but I have had a lot of dealings over the years with them, and some of them you can deal with; others are impossible. The best approch by far is a "confident grovel;" confident in as much as what you say can be believed and grovel as in let them be the "boss".:rolleyes:

If you get your accountant to do any more work, you'll either feel obliged to pay him out of any surplus you have, or his/her fees will be included in your bankruptcy; personally I wouldn't bother; the whole lot will be included in your bankruptcy whether it's neat and tidy or not.

Just concentrate on keeping the wolves from the door, getting your petition to Court, and getting some cash put by.

Rich

JPS29

Ah right,

I thought I had to know the exact amounts to include in BR? If this is the case then I assume I just get the tax due "estimated" by HMRC and include it this way .

Gonna cancel all DDS now, I'm already 1 month behind on Mortgaage, should I pay this and then miss next months (next week) payment keeping me 1 month in arrears but not in trouble???

Gonna have to look for a cheap runner for OH as I'm assuming they'll be quick to repo the X5 when they know I'm BR:rolleyes: