Declaring yourself Bankrupt

[GillsMan]

I DECLARE...BANKRUPCY!!!!

[/Michael Scott]

[Paddy]

It is now looking likely after 11 years contracting that I will be out of a job end of this month.
With a whack of Corp tax. to pay on the day am tempted to empty my accounts and go bankrupt if there is no sign of contract work?

Good idea or not?

Do you mean personal bankruptcy or company liquidation?
When you finished a contract did your Ltd Co pay you tax free redundancy?

[CoolerKing]

That is a bit like saying you are going to chop your nads off because someone stole your girl.

Hardly,
From where I come from there are plenty slappers around to fill the mini void that my bitch would create, sadly cannot say the same for jobs.

[suityou01]

You are personally liable for corporation tax.

HTH

[CoolerKing]

Do you mean personal bankruptcy or company liquidation?
When you finished a contract did your Ltd Co pay you tax free redundancy?

No but that sounds like a plan, tell me more.......

[minestrone]

Hardly,
From where I come from there are plenty slappers around to fill the mini void that my bitch would create, sadly cannot say the same for jobs.

If you have been working as a contractor for 11 years surely you are aware that nobody hires in January.

[MaryPoppins]

Combination of divi and salary...........on the pretext I have np cash flow coming in the Govt can wait till I gain empployment.....after all its their ****ing policy on allowing Non EU workers into this country thats cost me my job............

Try saving a bit of cash next time. That way, when your next client realises you're crap and replaces you it won't be so painful.

[OwlHoot]

Ltd company........

If you've been outside IR35 for the last 11 years then prepare for a possible PAYE audit

I'm guessing they may want to transfer some of the debt from the Ltd to you.

[CoolerKing]

If you've been outside IR35 for the last 11 years then prepare for a possible PAYE audit

I'm guessing they may want to transfer some of the debt from the Ltd to you.

Now am really worried......

[Paddy]

Redundancy Help tax information

Redundancy payments up to £30,000 in the course of working for any one company are normally free of tax. Anything above £30,000 is taxed at your highest rate.