Bankruptcy - What options for a contractor

**Lucifer Box** · 2 February 2007, 22:32

Stop right now. Bogus expenses and hokey off-shore schemes are going to land you in jail as well as bankrupt.

Brolly PAYE is your safest and only realistic option.

**VectraMan** · 3 February 2007, 08:14

Can you let somebody else be the director of your company and still retain 100% shareholding (and still get 100% of dividends)?

Sounds very dubious.

**ASB** · 3 February 2007, 15:01

Originally posted by mat

18 months ago I entered into bankruptcy. This ended after 12 months (as per the new rules) but I also received a Bankruptcy Restictions Undertaking (for 5 years) which means that I cant be a director of as limited company.

I have been with a MSC so far relying on expenses to reduce my tax bill but I appreciate this cant continue post April.

I am considering an alternative msc such as Payscheme Plus using the offshore element to reduce my taxes as they suggest this will be exempt from the new rules. Not sure if my agency (Reed) will accept them though.

Anybody any idea of other options apart from a brolly PAYE scheme?

Cheers,

Mat

Apply to the court and they may lift the BRU all or partially. It will largely depend on the allegations made by the OR that you appear to have accepted. The insolvency service can tell you how to go about it.

**BigPhill** · 3 February 2007, 17:06

Bankruptcy

Go see a lawyer and they will act as MD for you for a fee, or try UKPLC.com and look on their website I think they offer something similar although again for a fee, and no I'm not receiving a finders fee for this advice. Although....

Bankruptcy - What options for a contractor