Hi,
I'm currently about to embark on a First Tier Tax Tribunal appeal against a HMRC VAT Penalty that would not be possible to pay (circa £200k). But I was shocked that the costs of the legal fees required in the tribunal itself may amount to £30k or more, and then they do not guarantee a win (of course), as a non-homeowner (we rent), without any assets of real value, and no significant savings, I am considering bankruptcy as an alternative option.
Would it be possible to have my wife (or my parents) become director of my limited company, wherein I resign as director, and take only an employees salary.
What level of salary would be seen as sufficient, would there be an issue if the salary was low?
Secondly, how far back through bank accounts do they usually look, considering that the first point of even considering bankruptcy here would have been on Sunday. Other than this HMRC penalty (which I would dispute), I am otherwise in fine financial status, so it irks me that I would in essence be giving up the fight on what I believe in, but from a pure stress and financial levels, I have to consider if bankruptcy is an option here, and would appreciate any advice.
Thanks for your time.
I'm currently about to embark on a First Tier Tax Tribunal appeal against a HMRC VAT Penalty that would not be possible to pay (circa £200k). But I was shocked that the costs of the legal fees required in the tribunal itself may amount to £30k or more, and then they do not guarantee a win (of course), as a non-homeowner (we rent), without any assets of real value, and no significant savings, I am considering bankruptcy as an alternative option.
Would it be possible to have my wife (or my parents) become director of my limited company, wherein I resign as director, and take only an employees salary.
What level of salary would be seen as sufficient, would there be an issue if the salary was low?
Secondly, how far back through bank accounts do they usually look, considering that the first point of even considering bankruptcy here would have been on Sunday. Other than this HMRC penalty (which I would dispute), I am otherwise in fine financial status, so it irks me that I would in essence be giving up the fight on what I believe in, but from a pure stress and financial levels, I have to consider if bankruptcy is an option here, and would appreciate any advice.
Thanks for your time.
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