Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • sortingmyshitout
    • By sortingmyshitout 1st Mar 18, 1:20 PM
    • 24Posts
    • 2Thanks
    sortingmyshitout
    They're taking my business :-(
    • #1
    • 1st Mar 18, 1:20 PM
    They're taking my business :-( 1st Mar 18 at 1:20 PM
    ** resolved - see post #33**

    I've made myself bankrupt, as it seemed the best way of dealing with my debts (mostly unpaid taxes, but also some credit cards etc from 6+ years ago). My total debts were on the order of 50k or so.

    I felt I was quite safe to do so, as I don't have any assets as such to speak of. I had a niggling doubt in my head that the website I run as my main source of income could be considered an asset, but I figured they would never want to take that away as it's MY MAIN SOURCE OF INCOME.

    After an hour's interview today the OR and I agreed that over 3 years I am to pay back a couple of hundred every month. Fine.

    He then dropped the bombshell via email that my website is now the property of the OR, and that I need to hand over the registration certificate for it and make "a reasonalbe offer" to buy it back from them.

    Obviously I have no money with which to buy it back. I think the implication is that I'm supposed to beg a friend/relation to buy it back for me. I understand why, they want to get some money out of me for my creditors, and this seems like a good way of them doing it.

    But I don't think I know anyone who would be in a position to make "a reasonable offer". How much are they going to want? It makes a profit of about 20k a year, which is why I've now applied for bankruptcy as I thought I was making enough money to stand on my own feet and pay taxes like a real person, if I could get a fresh start, which I thought was the point of a bankruptcy :-(

    Then there's this bit: "if we are not in receipt of a satisfactory offer the Official Receiver may consider closing the website or realising it for the benefit of creditors as they do not want to be liable for any costs associated with it."

    I'm of the opinion that without me the website is worth very little, as the admin system I've rigged together over the years is far from user-friendly, it'd need someone with a fairly unique combination of technical skills and interest in my niche to run it, and even then there would be a lot of work to be done to make it more usable by an outsider. And would they want to put in 12hr+ days every day to make 20k profit a year... probably not!

    So, any advice, what can I do?

    This website is a passion of mine, and also my income. I know I'm very fortunate that my job is something I LOVE doing, and maybe as a bankruptee I don't deserve to be that fortunate... but I really don't know what I'll do if they take it away from me. It's been my life for years, and aside from my wife is the only thing in the world that I care about even slightly :-(
    Last edited by sortingmyshitout; 17-04-2018 at 6:15 PM.
Page 3
    • Potbellypig
    • By Potbellypig 16th Apr 18, 7:33 PM
    • 179 Posts
    • 80 Thanks
    Potbellypig
    I must be missing something. You have earned 20k a year for years and not paid tax on it. How does this fall into your bankruptcy?
    • sortingmyshitout
    • By sortingmyshitout 17th Apr 18, 12:06 AM
    • 24 Posts
    • 2 Thanks
    sortingmyshitout
    I hope you ARE missing something and it's not me who is...

    Income tax can be a part of a bankruptcy though. In fact it's probably one of the main factors in most bankruptcies, I'd hazard to guess?
    • silvercar
    • By silvercar 17th Apr 18, 8:15 AM
    • 37,095 Posts
    • 156,270 Thanks
    silvercar
    I must be missing something. You have earned 20k a year for years and not paid tax on it. How does this fall into your bankruptcy?
    Originally posted by Potbellypig
    I hope you ARE missing something and it's not me who is...

    Income tax can be a part of a bankruptcy though. In fact it's probably one of the main factors in most bankruptcies, I'd hazard to guess?
    Originally posted by sortingmyshitout
    You are both right. Not paying tax when due will result in hmrc taking action and that may very well leave the (non!) tax payer with no option other than bankruptcy. Indeed hmrc can and does make people bankrupt.

    I suspect that more people go bankrupt because they can't pay their tax bills, rather than non-declared tax and subsequent bills, but the net result is the same.
    • maxmycardagain
    • By maxmycardagain 17th Apr 18, 3:43 PM
    • 4,508 Posts
    • 3,697 Thanks
    maxmycardagain
    interesting

    so someone owns (for a period of time) the domain name, which may be worthless alone (unless very attractive if sold on)

    someone else designs a website and may hold the copyright/design

    the actual trade off the site profits the bankrupt but is specific to the BR

    the hosting could be anywhere worldwide

    the suffix could be subject to laws in the US or like .NET.... anywhere

    methinks the IS is hoping the BR comes up with an offer..........and all the passwords.........lol
    Dont worry, be happy
    • maxmycardagain
    • By maxmycardagain 17th Apr 18, 3:45 PM
    • 4,508 Posts
    • 3,697 Thanks
    maxmycardagain
    I must be missing something. You have earned 20k a year for years and not paid tax on it. How does this fall into your bankruptcy?
    Originally posted by Potbellypig

    take or make?

    costs and personal tax allowances could wipe taxable profits leaving a nil tax to pay
    Dont worry, be happy
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

116Posts Today

1,079Users online

Martin's Twitter
  • I've decided my weekend starts here while the sun's glow is still baskable. So I'm signing off. Have a great weeke? https://t.co/9FxNEpDs6p

  • No not correct. The big six do, but you can get fixed tariffs guaranteed not to rise and about 25% cheaper. Just tr? https://t.co/B2ft5OS3Ig

  • Baaaa! Scottish Power has bleated and followed the herd, today announcing it's putting up energy prices by 5.5%. R? https://t.co/vi3hBxo4Hn

  • Follow Martin