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| T O P I C R E V I E W |
| print.shop |
Posted - 23 July 2008 : 10:39:49
Hello, The Inland Revenue want 25k of unpaid tax from me from a previous job, that i was under the impression was being paid by my employer at the time, but i exhausted all ways to prove otherwise.
I have tryed to raise this amount by remortgaging my property but it was too old for this type of loan as it is a mobile home, its value is around £100k. also i have offered £5/6k and repayments of £200 a month but they informed me that this was too low for the size of dept owed. also i have looked into other loans for the full amount but as they are short term i am unable to meet the repayments as my shop/business can only pay me around £500 a month, the tax office will obviously take me to court at some point, and I may presumably loose my family home and business, as they have implied that bankruptcy may be the outcome. is there anyway i can avoid this. I could just pay them the amount i can borrow for now, but would that help in any way? and where do i go from here? Help... thanks in anticipation of any hope
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| 11 L A T E S T R E P L I E S (Newest First) |
| print.shop |
Posted - 25 July 2008 : 10:29:58
Hello Brett,
Thanks for your reply, and I am a sole trader and i presume that is a disadvantage, the improvements my partner has put into our home is an interesting point, but of course will that be enough to deter the Inland Revenue touching the property. also on another quite important point, and I was told this just recently, is it true that the Inland Revenue can seize my property even before any court case has been heard??
Thanks
Dave |
| Helpful Advice |
Posted - 24 July 2008 : 13:54:29
Hi Print Shop.
If your partner has contributed by way of improvements to the property then she could well have developed a proprietary interest in the property.
As far as you business trading are you a sole trader or Ltd company?
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| print.shop |
Posted - 24 July 2008 : 10:40:25
I see, I wondered if thats what you were talking about, well in an earlier post I mentioned I'v already looked into a remortgage on my home, but because of the age of my mobile Home no company is willing provide one. but thanks for that advise Suzanne. |
| Suzanne |
Posted - 24 July 2008 : 09:44:54
An IVA is an Individual Voluntary Arrangment whereby you come to an agreement with your creditors to pay back so much in the pound. You would need to do this through an Insolvency Practitioner. You can pay this by monthly installments over 5 years and/or a lump sum payment. To release equity from your home you would need to re-mortgage.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| print.shop |
Posted - 24 July 2008 : 09:01:00
Hello Suzanne, thank you for your reply, I have a 10k halifax personal loan, and loans via the shop i own that amounts to a lot of money i.e. business loan overdraft, photocopier leases. so basically if my home was sold Id imagine there would be no money left to come back to me after all loans were payed, sorry to ask, but I'm not sure what IVA is?, and how do you release equity on a Home? |
| print.shop |
Posted - 24 July 2008 : 08:50:54
Thanks all, and Jo for the reassuring words of wisdom, its a very worrying time for me, Im not materialistic, and I can recover from this, but it would be nice to come out of this with, if nothing else my home as the effect on my family and young son would be pretty devastating. |
| Suzanne |
Posted - 24 July 2008 : 08:45:52
Hi
What other debts if any do you have. Perhaps you could make a full and final settlement to creditors under an IVA by releasing the equity in your home.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| print.shop |
Posted - 24 July 2008 : 08:41:48
Hello, and thank you for a reply to my questions, to answer your question the Mobile home in in my name only, although my partner has invested £7500 in it by fitting double glazing and a fitted Kitchen, although I suspect that would make no difference, also when it comes down to a court case, I assume it will be myself, the Inland Revenue and a judge, and the judge would make the final decision if I am to be made bankrupt, or alternatively can decide that he will not make me bankrupt, and work out some sort of payment plan with me that I can manage, is that correct?
thanks again, in anticipation of a glimmer of hope |
| Helpful Advice |
Posted - 23 July 2008 : 19:54:08
Hi Print Shop,
The Inland Revenue can be tricky to deal with and they do tend to make people Bankrupt on a whim.
With your level of equity you need to avoid Bankruptcy as this would prove very costly for you.
Can I enquire if the property is solely or jointly owned?
You may wish to contact one of the experts as they could explain the process of Bankruptcy and
Possibly be able to negotiate and liaise with the Revenue on your behalf for an amicable solution.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| Needafriend |
Posted - 23 July 2008 : 14:46:56
Hey print shop,
Welcome to the forum, the experts on here are great and they will be able to give you all the advice that you need to be able to work a solution out.
Im new here too so I cant answer your question but good luck and I hope that the experts will get you sorted out.
Good luck, we are all in the same boat (so to speak,lol).
Keep writing
Jo
And read below.............
"Lifes too short, Grab it while you can, Make each day count and live life to the full. Dont Worry- Be Happy!"
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| eamonn |
Posted - 23 July 2008 : 13:14:00
hi print.shop
sorry i can not answer this for you but you could try conntacting one of the experts on this site there websites are on the homepage i think |
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