A warning to freelancers and the self-employed everywhere - MoneySavingExpert article

[amoeba]

Who's the bozo? She had and spent £174k of tax money. Now she's bankrupt, the debt vanishes. I doubt she'll be out of work going forward, so life continues as before.

Nice!

Is it that easy though - doesnt going bankrupt mean you cant run a company for X years and cant even get a bank account for a year or so?

[Sysman]

With payments on account and how far in arrears you pay CT, it's easy to get confused. That's why we have accountants.

1. the self employed don't do payments on account, at least not until 18 months or so after they have started
2. the self employed don't pay corporation tax

[Platypus]

Is it that easy though - doesnt going bankrupt mean you cant run a company for X years and cant even get a bank account for a year or so?

There are some complications, but fewer than you'd think. You can have a bank account immediately.

The disadvantages are outweighed by the £174k advantage!!

[d000hg]

That statement's so dumb it takes your breath away.

And you're an arrogant arse. Try taking a walk in the real world rather than in your clique of university-educated middle-class friends.

[TheFaQQer]

And you're an arrogant arse.

Phone call for a Mr. Kettle.

Paging Mr Kettle.

[vetran]

She is a Thespian, they have an IR35 get out of jail free card with Hector.

The actors union did a deal years ago.

If only her employer had given her some tax advice. Now they will have to pay her tax if HMRC have any sense. By employing her without the insulation of a Ltd they are still responsible.

Bet HMRC bottle it.