Cross roads - help/advice needed - Contractor UK Bulletin Board

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jes107 replied

21 January 2021, 17:58
Thanks

Thanks for the advice. Will submit figures and see how it plays out. I have no assets so bankruptcy will give me closure and my life back.
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eek replied

21 January 2021, 08:02
Originally posted by DealorNoDeal View Post

I know of people who've got rid of tax scheme debts through bankruptcy.

As soon as you submit that 18/19 SATR declaring the loans, it will trigger a liability. It won't take long for that liability to become an enforceable debt.

It's probably better to instigate bankruptcy yourself than leave it to HMRC.

It would be well worth seeking advice from an insolvency practitioner.

+1 - DealorNoDeal is clearer than I am - HMRC have promised to not make people caught by the loan charge bankrupt. You will have to do that yourself.
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DealorNoDeal replied

21 January 2021, 06:32
I know of people who've got rid of tax scheme debts through bankruptcy.

As soon as you submit that 18/19 SATR declaring the loans, it will trigger a liability. It won't take long for that liability to become an enforceable debt.

It's probably better to instigate bankruptcy yourself than leave it to HMRC.

It would be well worth seeking advice from an insolvency practitioner.
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GhostofTarbera replied

20 January 2021, 16:30
Originally posted by eek View Post

Go and get some proper advice.

HMRC have said they won't bankrupt people as they are happy to keep you in servitude for years to recover what they can.

Indeed, no point in bankruptcy, and when he gets a permie job they will just adjust his tax code to reclaim

Sent from my iPhone using Contractor UK Forum
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eek replied

20 January 2021, 15:50
Go and get some proper advice.

HMRC have said they won't bankrupt people as they are happy to keep you in servitude for years to recover what they can.
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morf replied

20 January 2021, 15:47
Best bet is probably some professional advice. Sorry I can't help further, best of luck.
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jes107 started a topic Cross roads - help/advice needed

12 January 2021, 20:24
Cross roads - help/advice needed

Ive yet to submit my 18/19 SATR and planning to do so at the end of the month with loan figures in the white space. My contract is due to end on 26th Feb. just trying to figure out my next steps. The loan charge will
Bankrupt me so does anyone have an idea how long it will take HMRC to bankrupt me? Id love to get a perm job but theres no point if its within 12 months. Given the current economy it may be worth making myself bankrupt but nervous about doing that incase it takes HMRC years to resolve or by some miracle gets reversed.

Loans all post 2010 and im a signed up with loan charge legal and LCAG.

Thanks in advance. Pretty lost at the moment.
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