I personally over £26,000 to the vat office and £5,000 to the revenue as well as £10,000 to my bank.



Yourquestion:   If I go bankrupt will the hmrc debt be included?

i have debts with the inland revenue and v a t . my husband and i both have our names on a restaurant lease and we have seperated , i am trying to run the restaurant myself but am not meeting the bills which are mounting up ,the revenue debt has arrisen over the past five years......i beleave these debts are in my name only.

Yourquestion:   what happens if i file for bankruptcy......my husband has a job and is paying the morgage on our flat which is in his name ,i am living in the flat with our two children. will i loose the flat and have nowhere to live.

I owe VAT and other taxes to HMRC and my business is no longer trading, can I include these taxes in bankruptcy?

Hi I'm self employed and I haven't done any VAT returns or tax returns for the past 2 years . The amount witch is owed. I can't  afford to pay back I have not contacted the inland revenue yet about this what would be my best route of action . If I go bankrupt would this clear the debts as I have no assets I really don't know what to do

Regards

I am employed in a senior role in a University, have a good salary (£120k pa) ad an excellent credit record. I have some debt - credit cards, personal loans, but have always been in a osition to deal with these out of my income. I have never missed a payment on anything.



Yourquestion:   My wife decided to go into business with a friend about 5 years ago, running a hotel/pub together. For this they took out a business loan and a mortgage which, together with the business overdraft all equal the entire value of our house. My wife's busiess partner also has a house but is just about to get married and does not want to sell before she does ths (although she is quite happey to sell).

The business is dying on its feet and debts are mounting. I have done my best to help, running up personal debts to subsidise the business, but every time we eem to be turning a corner something else comes along and kicks us back. We probably have about another £20k in debt on top of the business loan, mortgage and business overdraft (apart from loans etc that I, personally, have and have always covered).

We are now facing a VAT bill we cannot pay, I have no more funds available and I am afraidproceedings will be taken against my wife. I have put the house on the market and am not trying to escape our debts, but I need time to sort the out. HMRC are not likely to give us that, though.

Basically my question is, if my wife ends up havig to go bankrupt, how does that affect me? The business debts (all the ones we can't really pay) are all in her name but are secured against our house (which is fine, we'll sell and rent) but I woldreally like to try and escape going bankrupt as well, as I feel I have behaved as an honest citizen all my life, still earn a good salary and can stand by my personal debt.

We have a joint bank account, by the way, and the credit cards are in joint names (although my wife never uses hers - in fact they have been shredded).

I was in a partnership which ceased trading 6 years ago. HMRC wanted to do an audit on the records 1 year ago but unfortunately could not as the records were lost. They issued me with a bill for misdeclaration of the VAT returns submitted. I couldn't pay the bill and despite trying to arrange a payment plan with them, was made bankrupt last week.

Yourquestion:   I have received the questionnaire form from the official receiver who has asked for the business records. As i don't have them will my bankruptcy be delayed?

I owe HMRC a lot in back taxes and also VAT I haven't paid.  Can I Include this in my bankruptcy?

I am about to be made bankrupt by HMRC for taxes I owe.  I have a couple of questions.

 

1) Will the VAT I owe be included in my bankruptcy?

2) Can I move abroad?

3) If I just move away can they stop me from coming back to the UK or confiscate my passport?

 

Many thanks.

Thru my son and my business we got made bankrupt by our IVA company  16 Dec 2010. This included our own income tax and vat. We were discharged 16 Dec 2011 with no money being taken from us in the year that were bankrupt, as were did not earn enough. We lost our two houses within the bankruptcy but I am not sure whether there was enough equity to pay all creditors.

Yourquestion:   I was under the impression that after the discharge I could start a business but not be a director for another 4 yrs. If I should inherit money either thru family or other or was to win a large sum on money this would not be a problem.

But a few people have said to me that if I run a business alongside another person, the tax man can chase them and myself for the money owed before I was made bankrupt? Also if I won or inherited money it can be taken towards money owed before my bankruptcy. Is this true? I understand the next four years it would be difficult to get credit or a mortgage and there are certain jobs I cannot do but thought the discharged ended everything else enabling us to try and get back on our feet.

Thanks for your help

I have just received a letter addressed to me and my husband regarding VAT from a Pub we were managing but were evicted in Nov 2009.  We have a large VAT amount outstanding £56747.13, as said before I am not working but currently I am in Canada and my husband has been unemployed for the last few months,  They say they can report this debt to the tax authorities in Canad under the terms of the international treaty - is this true.  Maybe both me and my husband should declare bankruptcy in the UK we have only been in Canada for 25 months can you advise, also give me an idea of how much this would cost us.