Hi i am 40 years of age in 2003 i began working self employed with 6 men working for me. they never gave me any invoices and now i am faced with the tax man wanting to bankrupt me i owe 88.000 it was no where near this amount but the interest has sent it sky high. i have approached the men that worked for me so they can sort there own taxes out. but they are not having any of it they have threatened me so bad that i am scared to tell the tax man so i am liable for the lot. now in 2009 i started working with an employer i had a work injury which i am in the middle of a claim but i am probably looking at 60000 compensation if they bankrupt me they bankrupt me and take all my compensation I REALLY DON'T NOW WHAT TO DO I NEED HELP
Hi,
I understand your situation and I know it is stressful at the time.
Has HMRC discussed any payment plan or any type of settlement with you?
When do you think you may receive the compensation claim?
Do you own any property or assets, and if so are they in just your name?
The threat of bankruptcy is scary, but if you have no assets or anything to be taken, then bankruptcy would just relieve you of all your debts, including any taxes you may owe.
If you need to avoid bankruptcy because you have property, then trying to get records together and look to offset the taxes owed is an option, but from what you have stated, that may be difficult. You may have to decide between the other men's threats and getting records together to not be liable for the full amount of tax, or face the full tax bill.
Another option would be to use your compensation claim to settle the tax bill.
Let me know and we can look at this in more detail.
Regards,
