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Bankruptcy and Tax

  • 27-06-2011 5:31pm
    #1
    LegacyUser
    Registered Users, Registered Users 2 Posts: 166,026 ✭✭✭✭


    Hi everyone - first anonymous post. Never thought this would be me but there you go.
    Anyway, I had a company in the UK for 5 years, left the UK to take up full time employment back home. Sorting out the tax issues from here, the company showed some financial holes.
    VAT man is owed 8000 STG, HMRC Corporation tax is owed ~25K.

    Moral issue of payment of tax being ignored for now, my UK accountant is getting hassled day in day out by HMRC and in turn they are looking for me here.

    I have no personal liability, just the corporate liability.

    I have no assets, but an apartment here that's worth 100k less than when I bought it.
    I own a clapped out car, worth less than 1000 Euro.
    My wife has a car worth about 3000 Euro.
    That's all we've got.

    I live here, not in the UK. No assets in the UK, I do have a pension there worth about 8K.

    My wife is not working, I'm on an average wage, but it routinely gets sliced and diced by the tax regime and I'm just about keeping head above water.

    I have no money to pay off these debts.

    I can't find anyone who is an expert on this sort of cross-territory thing, to help with either bankruptcy or coming to a long term arrangement.

    All I'm getting is noise and demands, but I'm too scared to reply, I've no spare money if I want to keep rent paid and food on the table.

    Advice welcome. If anyone knows of a tax expert with experience of this please comment.
    If anyone has been through this before, please let me know.


Comments

  • #2
    sparkling sea
    Registered Users, Registered Users 2 Posts: 1,410 ✭✭✭sparkling sea


    Legal advise from FLAC might be of use to you, Citizens Advice should be able to organise an appointment for you


  • #3
    LegacyUser
    Registered Users, Registered Users 2 Posts: 166,026 ✭✭✭✭LegacyUser


    Thanks for that - I'll give them a call....


  • #4
    pigeonbutler
    Registered Users, Registered Users 2 Posts: 666 ✭✭✭pigeonbutler


    You need more solid advice from a UK based lawyer/accountant to be certain but I would imagine that if the company has no assets, it can just be wound up, at a loss to the taxman. As a director (I assume) there might be UK law imposing personal penalties on you for allowing that to happen but the company's liabilities are not the same as yours so I don't see how bankruptcy would come on to the agenda at all.

    Cross-territory doesn't really come into it all that much. Get an accountant to look at the files and whatever correspondence you've received from HMRC.


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