Declaring yourself Bankrupt

[amcdonald]

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.

So how did the Rover bosses manage to asset strip the company then go ooops we're bankrupt and get away with it ?

[Pondlife]

Now am really worried......

Legal fees to fight this are about £15K IIRC (assuming you win) or you could just pay up whatever they come up with.

[DaveB]

You've been a "Contractor" for the last 11 years.

The last three of which have been in a worsening economic climate, yet you seem to believe you are entitled to "a job" and it's the governments fault you are unable to earn an income.

You've had 11 years to ensure you have the skills needed to keep up with demand and changes in the market but don't appear to have bothered to do so.

You intend to misappropriate company funds deliberately leaving the company unable to meets it's tax obligations.

Are you aware that as part of the winding up process you have to inform all YourCo's creditors of the fact that the company is being wound up and give them a chance to claim against any assets there might be? This includes HMRC.

Can we assume to intend to add tax fraud to the list when you submit a bogus corporation tax return in an attempt to prove there is no money left?

[Epiphone]

Corp tax, PAYE, VAT etc are all fine because you've been putting it all to one side every month and not spending every last quid in the businesss bank account.

Haven't you..?

[Platypus]

If it's the latter they'll be after your assets, such as any property you own

Not really. They'll snatch a nice car but that's about it.

[Churchill]

You've been a "Contractor" for the last 11 years.

The last three of which have been in a worsening economic climate, yet you seem to believe you are entitled to "a job" and it's the governments fault you are unable to earn an income.

You've had 11 years to ensure you have the skills needed to keep up with demand and changes in the market but don't appear to have bothered to do so.

You intend to misappropriate company funds deliberately leaving the company unable to meets it's tax obligations.

Are you aware that as part of the winding up process you have to inform all YourCo's creditors of the fact that the company is being wound up and give them a chance to claim against any assets there might be? This includes HMRC.

Can we assume to intend to add tax fraud to the list when you submit a bogus corporation tax return in an attempt to prove there is no money left?

Either that or he's a troll...

[DaveB]

Either that or he's a troll...

He could be, but his posting history, while limited, is reasonably consistent.

[Churchill]

He could be, but his posting history, while limited, is reasonably consistent.

So if he's real he's dishonest as well as thick. I suppose that happens.

[Jubber]

Either that or he's a troll...

Nah ... just had a good lunch and letting off steam.

[lilelvis2000]

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?

I know someone who is trying just that. They got a 125% mortgage on a property - took the extra cash and gave it to the partner to spend. Then handed back keys to the bank. The bank is now chasing them up for the difference. Their offer for repayment was £25/mnth! Which meant they would be long dead before the debt was paid off.
Nice scam if it works.