• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Free webinar: Effective stress control for contractors : Mon Mar 22 7:15 PM More details here.

Cross roads - help/advice needed

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    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.

    #2
    Best bet is probably some professional advice. Sorry I can't help further, best of luck.

    Comment


      #3
      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.
      merely at clientco for the entertainment

      Comment


        #4
        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

        Comment


          #5
          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.
          Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

          Comment


            #6
            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.
            merely at clientco for the entertainment

            Comment


              #7
              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.

              Comment

              Working...
              X