End of the road

[EndoftheRoad]

Hello everyone

Like many of you, I used an umbrella scheme for several years, so am now facing huge APNs from HMRC. I couldn't afford to pay them, so made some high risk investments with the little money I had. Those failed. So, I am now also unable to pay the amounts owed by self assessment.

I owe HMRC about £70k.

Also, I have been unemployed for a while now.

I should have started this thread by mentioning how extremely irresponsible I am! I have always known that, which is the reason I never bought a house, got married or had kids. I have no assets except a few home gadgets.

Assuming I do manage to find a job before my cash runs out in a few months, does anyone have any idea of how HMRC will treat cases such as mine?

[cojak]

I’ve moved this to a forum where you may get more specific advice to your situation.

[BrilloPad]

Which scheme were you using? It does not sound like a legitimate umbrella based on your comments.

Are you still in touch with the scheme provider?

Almost certainly you will need to have a discussion with HMRC about hardship.

[washed up contractor]

Hello everyone

Like many of you, I used an umbrella scheme for several years, so am now facing huge APNs from HMRC. I couldn't afford to pay them, so made some high risk investments with the little money I had. Those failed. So, I am now also unable to pay the amounts owed by self assessment.

I owe HMRC about £70k.

Also, I have been unemployed for a while now.

I should have started this thread by mentioning how extremely irresponsible I am! I have always known that, which is the reason I never bought a house, got married or had kids. I have no assets except a few home gadgets.

Assuming I do manage to find a job before my cash runs out in a few months, does anyone have any idea of how HMRC will treat cases such as mine?

The old saying, if you owe a bit of money, it is your problem. If you owe a lot, it is the other person's problem.

In your circumstances, you appear to owe a lot (relatively) to your assets ie no house or family to support.

At the end of the day, if you cannot pay the £70k to HMRC, they may try and make you bankrupt. I cannot see them agreeing a Time to Pay given the amount owed and the fact you dont have any income.

If you do find employment \ a new contract soon, HMRC may well pressure you to pay up and quickly. Note, this may be via a debt collection agency.

Your best bet may be to seek an IVA or bankruptcy but bear in mind, this may affect your ability to get any work in the finance sector.

[Fred Bloggs]

+1, it seems to me that a drastic step like bankruptcy might well be the least bad escape route. Wiping the slate clean and starting all over again would be quite attractive to me, were I to be stood in the OP"s shoes.

[luxCon]

Forget about dealing with HMRC. Seek specialist personal insolvency advice ensuring it will put an end to all and HMRC debts.

Start fresh

[regron]

+1, it seems to me that a drastic step like bankruptcy might well be the least bad escape route. Wiping the slate clean and starting all over again would be quite attractive to me, were I to be stood in the OP"s shoes.

Agree..........and speak to a BR and IVA specialist, because if you have to go down that route, it is better for you to push the button and have control, rather then leaving it for HMRC to do it for you.

[Fred Bloggs]

Agree..........and speak to a BR and IVA specialist, because if you have to go down that route, it is better for you to push the button and have control, rather then leaving it for HMRC to do it for you.

^^^^^ Without a doubt. The OP needs to engage an insolvency specialist before somebody else does it for him/her. A big step to take, but an essential one, I believe.

[EndoftheRoad]

Thanks for the advice so far.

The umbrella company I used was Cascade.

Any recommendations for insolvency practitioners? I had never even heard of it before now.

[cojak]

Thanks for the advice so far.

The umbrella company I used was Cascade.

Any recommendations for insolvency practitioners? I had never even heard of it before now.

Ah, Cascade... http://forums.contractoruk.com/hmrc-...sentation.html