Thoughts on this please is BN66 / Section 58 / IVA

[BlasterBates]

My understanding of the problem is as follows.

You business became insolvent and in those debts you owed HMRC 1500 pounds. You were with Montpelier.

Now you have a chance to settle your debts but HMRC are claiming you owe 100 grand because your tax tax return wasn´t "correct".

Obviously you need legal advice but my understanding is if you want to settle you have to offer HMRC a sufficient amount that they´d accept or you wait until the Montpelier thing has played out completely. That isn´t to say you need to offer HMRC 100 grand but it would have enough for them to accept given the alternative is nothing. You can´t settle up without HMRC´s acceptance even if you dispute the amount.

Good luck.

[DonkeyRhubarb]

Did you make the IP aware of the potential £100k BN66 liability at the time you entered the IVA?

I think it's critical that you find out if HMRC agreed to the IVA.

[doublebubble]

. You can´t settle up without HMRC´s acceptance even if you dispute the amount.

Good luck.

This is the dilemma Even if I carried on paying the IVA as it stands it appears that at the end it wont be signed off anyway because HMRC will still dispute I owe them +£100k

DR - I did notify the IP before going into it about the outstnading legal challenge. I will look into whether HMRC actually voted in 2009

[DonkeyRhubarb]

DR - I did notify the IP before going into it about the outstnading legal challenge (1). I will look into whether HMRC actually voted in 2009 (2)

(1) In which case, it makes me wonder whether you got good advice from the IP to enter the IVA.

(2) If HMRC voted yes to the IVA then you might have something to go on.

Another thing which may have a bearing is whether you had Closure Notices for BN66, amending your self-assessment, before HMRC were asked to vote on the IVA.

There is a lot to consider here and, as I said previously, it may be worth seeking independent advice (not from the IP).