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    • Hoots
    • By Hoots 10th Apr 18, 8:50 PM
    • 2Posts
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    Hoots
    Employed & Self Employed - Help Needed
    • #1
    • 10th Apr 18, 8:50 PM
    Employed & Self Employed - Help Needed 10th Apr 18 at 8:50 PM
    I am nearing the point where bankruptcy is looking inevitable. I am currently in full time employment but I am also self employed at the same time. I pay class 2 N.I. on top of my employed tax etc and submit a tax return each year.

    Currently with my employed status only I will have around 100 spare cash each month for an IPA. If I continue self employment along side my current employed status, with my expenses etc would take me just under the limit for an IPA.

    I currently have a small car which is worth 400 and needed for day job as I live in a rural area, I also currently have a van worth under 400 which I use for the self employment to transport heavy equipment to jobs which would not fit into my car.

    So in short, would the OR let me keep the van for self employment and the car for work purposes? The van would not be practical to use as a car for the day job as its full of equipment, has 2 seats, logo's and wouldn't fit a family in. .

    Do I bite the bullet and cease being self employed or carry on with both and most important would the OR let me keep 2 low value vehicles? Thanks for your help in advance.
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    • LincsPaul
    • By LincsPaul 11th Apr 18, 11:22 AM
    • 131 Posts
    • 66 Thanks
    LincsPaul
    • #2
    • 11th Apr 18, 11:22 AM
    • #2
    • 11th Apr 18, 11:22 AM
    This may answer your questions: https://bankruptcyexpert.co.uk/can-i-go-bankrupt/can-i-go-bankrupt-if-i-am-self-employed

    Even if the OR doesn't allow you to keep one or both of the vehicles (unlikely) you would probably be allowed to find a friend or family member to buy them back for you. This is what happened with my <500 car, which I didn't require for work or anything, but which wouldn't have generated any profit for the OR by going to auction so I was allowed to ask a friend to buy it so I could keep it.

    Obviously bump up the permitted expenditures as much as possible to avoid an IPA (and avoid ever signing one for less than 100/month - the OR will not take you to court for that amount).
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