Bounce back tax

**elsergiovolador** · 20th May 2020, 17:48

Originally Posted by Old Greg

You personally owe the company money, so not as easy to walk away from the company and its debt.

Especially if one arranges wo/men in suits to extract the debt from oneself

**oilboil** · 21st May 2020, 08:18

Originally Posted by GhostofTarbera

50K lasts a long time in retirement in Thailand / Vietnam

Just saying like

Sent from my iPhone using Contractor UK Forum

Maybe it does, but unless you take it out as salary, you would still be required to either service the loan until paid (and after 12 months interest is due as well) or pay back the loan before you closed the company.

If you think the UK Gov can't touch you in Thailand you are sorely mistaken

Similarly I can't see £50K lasting more than 3 years in Thailand having spenf a lot of time there working - yes a Thai can live on less but a "farang" with all the double-pricing etc. would really struggle to live on £16K a year for any length of time (unless you really like squalour)

**jayn200** · 21st May 2020, 08:31

Originally Posted by oilboil

Maybe it does, but unless you take it out as salary, you would still be required to either service the loan until paid (and after 12 months interest is due as well) or pay back the loan before you closed the company.

If you think the UK Gov can't touch you in Thailand you are sorely mistaken

Similarly I can't see £50K lasting more than 3 years in Thailand having spenf a lot of time there working - yes a Thai can live on less but a "farang" with all the double-pricing etc. would really struggle to live on £16K a year for any length of time (unless you really like squalour)

I am pretty sure it was just a joke.

Most people here are contractors earning 100-150k+ a year (200k+ a year technically to qualify for 50k loan), probably not gonna take 50k and go on the run lol.