UK Bankruptcy

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Comments

  • DebtQuestion
    DebtQuestion Posts: 7 Forumite
    I thought I'll be able to make more money so I spent it on food. Don't want to lie and say I didn't make any money because I want to pay the tax off and be fair. Now I have no money and the tax+penalties are against me. Need to call on Tuesday.
  • Housebuy12345
    Housebuy12345 Posts: 211 Forumite
    It’s paid in installments.....? Or I do anyway. When is the money due?
  • DebtQuestion
    DebtQuestion Posts: 7 Forumite
    It was due around 5 months ago. I made some bad decisions and went homeless. Trying to get back on track.
  • tom9112
    tom9112 Posts: 32 Forumite
    First Anniversary First Post
    Nothing makes sense here at all.

    So you started Business in UK but you are not a UK citizen I'm guessing?

    You want to run away to different country because of the tax bill?

    You made profit but haven't paid the taxes/costs etc.

    Have you agreed with HMRC on your situation before you file for BR/IVA?

    Have you reported to your council that you are homeless?

    Can you not start a "normal job" and agree with HMRC to pay back monthly?

    Be honest how much you own, how much you can make and how you can improve your situation currently before you "run away".
  • silvercar
    silvercar Posts: 46,935 Ambassador
    Academoney Grad Name Dropper Photogenic First Anniversary
    Agree with Tom's comments.

    You also need to distinguish between your debts and those of your limited company. A limited company is a separate entity, even if you are its only owner. So any tax owed will be tax from the company or will be tax from you. You can't merge them together.
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