I am looking for some advice for a friend.
This friend is contracting, and is a director/ shareholder of a limited company, and looking to use some sort of off shore tax scheme to reduce his tax liabilities. Fast forward a few years time and HMRC decide this scheme is not legal and demand he pays all of the back tax owed. If this friend finds himself unable to pay said tax bill, can HMRC recover any money owed by repossessing his house (in joint names) or any other assets? I'm assuming anyone who can't pay would be declared bankrupt also? So, how safe is your house if you owe HMRC money?