Recent content by dannster

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    Sole trader bankruptcy

    Hi all, I hope someone can help me with a tax debt query I have. I ran an online business from 05-11 and accrued a tax and VAT debt of 77,000. HMRC have petitioned for my bankruptcy and the hearing is on the 26th. The CCCS have recommended I go bankrupt rather than proposing an IVA...
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    Bankruptcy / IVA

    Thanks for your advice guys :) I spoke to the CCCS and I've decided to go ahead with the bankruptcy.
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    Bankruptcy / IVA

    Thanks guys, most appreciated. I don't want to have this debt over me for the rest of my life and I agree that I'd rather be paying it back for a shorter period! How long is a payment arrangement order? Would you know of any insolvency practitioners worth recommending? I've googled but...
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    Bankruptcy / IVA

    Hi all, I posted on here a few months ago about my financial situation with a business debt. I owed at the time around £130,000 in unpaid tax and VAT from being a sole trader from 2005 - 2011. Most of that debt was judged from my first tax return which was £25k. Because I didn't submit any...
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    Tax return help

    Ah, I'm filling in a paper return. It's for tax year 07-08. They advised me it's most likely beyond the date when it can be submitted but the tax they determined I owe was about 5x more than I actually owe. They've advised me to send it in and they'll see what they can do. However, there's no...
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    Tax return help

    Hi all, I'm filling in my first tax return as self-employed and confused where to put the correct figures! My business is simple, there's no dividends, interest etc. I simply have three figures; turnover, expenses, my salary. Where would I put these figures? On the Income page there's...
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    Bankruptcy adjournment

    Thanks guys :) I want to go for the IVA because if they accept my proposal then I'll be able to afford the payments comfortably and still have some disposable income. If I go down the bankruptcy route then I'll lose all of my disposable income for 3 years. I've had a look online for a...
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    Bankruptcy adjournment

    Hi all :) I have a quick question regarding a letter I need to fax to the High Court and HMRC about an adjournment for a bankruptcy. I ran my own business (sole trader), for six years which I wound up last July. I got myself in a mess with tax and VAT and couldn't afford to make the...
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    Bankruptcy question

    Thanks Method Man for your PM. I may call you tomorrow if that's convenient? I spoke to the guy from HMRC who's delivering the petition. I asked if even at this late stage could I submit an IVA proposal and he said absolutely. He said I should go through the Citizens Advice Bureau to get...
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    Bankruptcy question

    Thanks Mathod Man, I don't have any assets, I rent, I don't drive and I don't have a high enough salary to pay off the debt they're claiming. In my situation it feels right to be made bankrupt but the more I discuss it with people, the more I'm advised to avoid it if I can. I'd prefer to...
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    Bankruptcy question

    Hi all, Thank you so much for your advice so far on a previous thread, it's proved really helpful :) I have a quick question re a bankruptcy petition being served on me from HMRC for tax debt when self-employed. They're trying to serve the petition today for the second time. I no longer...
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    Tax issue/bankruptcy

    Thanks guys, it really helps. I have another question, specifically about my income from my current job. Would the trustee take any of my income away from me? Say, for example, I'm earning £1300 after tax. Would they deduct any of my salary?
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    Tax issue/bankruptcy

    Hi all, Just looking for a bit of advice about a tax issue... I was self employed for six years and didn't get round to declaring tax for four years (I was a student in this time and didn't fully realise how much I owed). My tax bill for those four years and a VAT bill came to about...
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    Company's House 'Active - Proposal to Strike off' notice

    Hi all :) I started a business last year and shortly after I put everything on hold and went travelling. I've just got back and there's a letter from Company's House, dated over a month ago; Dissolution First Gazette. It was a formal notice informing me that incase I tell them otherwise, my...
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