TRCN1 Help and old tax liabilities.

PeteD22

Hi Folks, hope someone can advise and I apologise for the long drawn out story...

I had a convenience store business a number of years ago that got swallowed up in the recession back in 2009. Without giving the whole sob story, the pressure eventually got too much, completely unviable with mounting debts everywhere (around 300k in total) and I handed the keys back to the owners and walked away. We had to move house immediately out of rented accommodation (couldnt afford it) into a small flat owned by my partners parents and I put my head under the pillow for 18 months or so before being in a fit state to go out and seek employment and try and rebuild. I've been a PAYE worker since 2011, all the way through. I didn't deal with any of the outstanding liabilities, relevant paperwork or anything at the time and over the years it all faded away. Aside from one supplier managing to get in touch and eventually disappearing also I heard nothing since from banks, Revenue, Co. Council or any other suppliers in relation to any of the outstanding debts. Effectively when I closed up, I walked out the door and didn't take a backwards look. I didn't do a jot of what I was supposed to do back then paperwork/procedure wise. With the benefit of hindsight I would absolutely do things differently now but back then, I was at my wits end, didn't know where or who to turn to for advice and, well, did the ostrich on it. Its not something I'm proud of but that's how it was and I spent the next 12 years trying to put it out of my mind and hoping all would be well.

This January, I decided enough was enough and it was time to draw a line once and for all so I went to see my solicitor who ran a number of reports and checks to see if there was anything out there lurking likely to cause me an issue. They all came back clean. I was advised that any of my creditors had 6 years to obtain a judgement followed by a further 6 years to enforce it and regardless as to whether she had found anything there or not, every last one of of them were out of time to pursue. This came as something of a surprise albeit a welcome one.

I hadn't had any contact with Revenue since 2009 after an offer to pay an outstanding liability in instalments was refused. I have been on the system as mentioned above as a PAYE worker since 2011 and have heard absolutely nothing in relation to any of the business related debts. I was in touch with Revenue today sorting out Joint Assessment with my wife and there is a bit to claim back, the lady in Revenue however said that on their system I was still registered for income tax (relating to my sole trader days) and that i needed to fill out the TRCN1 form to deregister. This is now going to be nigh on 13 years late....

Has anyone any insight as to what may happen here? What is the procedure once this is sent in? I don't want to open a massive can of worms at this minute in time with Revenue deciding to come looking for a pound of flesh relating to a business that's long gone. I do however want to sort out and straighten out my tax affairs and continue rebuilding back to normality.

PeteD22

Just in case anyone else has the same issue and is sat wondering or worrying. I spoke to my solicitor and then to an accountant who both advised me, nothing to worry about. Sent it in, the gates of hell did not open! I got a courteous reply from revenue today to let me know all had been taken care of.

Mods, feel free to close this thread.