Post
by
wen » Sat Nov 17, 2007 12:40 pm
Hi everyone, wen's husband here.
It looks after seeking advice (thanks to Tina at Melanie's office), that we are going to have to go for bankruptcy, as we will be struggling to make any sort of payment for an IVA, and we just need to get the stress and pain of all our debt from our failed business (and now mounting personal debt) to go away, before it makes our health worse than it already is.
With regards to our business affairs, we owe Inland Revenue money from our PAYE/NI (our ex-employee's tax/NI), which we know how much that is... however we also owe money through VAT and tax/NI from the tax year 2006/2007, although we have made a loss when we ceased trading for 2007/2008 tax year.
My accountant wants to charge upwards of £700 to put our accounts in order (calculate the tax due for 06/07 and any loss for 07/08), but my question is, assuming whatever money is owed to Inland Revenue is going to get written off, is this a good use of £700, and do I need an exact figure of monies owed to Inland Revenue, or should I just use an estimate when the time comes?
I have up until July been doing the accounts myself, and we ceased trading in October, but I really don't want to have to sit and relive the last 3 months of our failed business, just to achieve a figure that isn't going to be paid anyway.
Our house only has about £6k of equity, and our debts are approx £150k (£25k personal, £125k from our business).
To me it seems a waste of £700, which (as per another thread), I have the opportunity to buy a car for this amount of money, as we will lose our only other car due to HP on it when we go bankrupt.
