Note: You must be registered in order to post a reply. To register, click here. Registration is FREE!
T O P I C R E V I E W
nia
Posted - 15 August 2008 : 00:31:44 I have a £10k VAT debt which I can't pay and in any case wish to stop trading and retire (I have a small pension from 15 years as a teacher and my wife also has a small pension, we also live in rented accommodation) ... Customs & Excise want me to pay up or become bankrupt ... what would happen if I just said that I can't pay and there's nothing you can do about it and, anyway, I'm retiring?
The debt was originally about 15K and I managed to pay 5K in May thanks to the generosity of a family member.
3 L A T E S T R E P L I E S (Newest First)
John
Posted - 15 August 2008 : 12:58:09 Hi the OR would not look to claim the pension fund itself in order to acquire the lump sum within it which is generating the monthly income of £500, but that £500 would be added to John's wife's income when considering an IPA.
Posted - 15 August 2008 : 11:50:37 And correct me if im wrong John but the pension would be taken as an asset too!!
John
Posted - 15 August 2008 : 03:14:46 Hi nia unfortunately HMRC are one of the quickest to petition for bankruptcy in the event of non payment. On being declared bankrupt any other debt you may have would also become part of it. The OR would look to claim any assets to satisfy all or part of your debt. This could include monthly contributions over 3 years if you have sufficient disposable income. If you have no saleable assets and no disposable income then you would make no contribution and 100% of the debt would be written off.
