I owe the tax man a lot of money and have nothing. Will an IVA help me ?

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Stephen.05

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Post by Stephen.05 » Wed Nov 12, 2014 10:39 am
I owe the tax man a lot of money and have nothing. Will an iva help me? Or can you notvountvthe tax man as a creditor ?
 
 

Steve Rees

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Post by Steve Rees » Wed Nov 12, 2014 12:45 pm
Hi Stephen,

Yes, one of the advantages of an IVA compared to some other solutions is that HMRC debts such as income tax and VAT can be included in the agreement.

This can make an IVA a very appropriate solution for people who run their own business and have become personally liable for unpaid income tax, PAYE or VAT. Directors who have given personal guarantees on company debts will also include them in an IVA.

You would have to disclose all creditors including the tax debts when entering an IVA.
Steve Rees - A spokesperson for IVA.co.uk and Director at Vincent Bond & Co.

Want to share your story? Highlighting the issues facing people in debt is often a story that the media want to hear about. iva.co.uk will pay up to £500 for a successful case study - if you are interested please email steve.rees@iva.co.uk for more details.

You can visit my blog at http://blog.vincentbond.com/
 
 

Michael Peoples

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Post by Michael Peoples » Wed Nov 12, 2014 8:04 pm
If you have outstanding returns you should get them in but if you have nothing HMRC will make you bankrupt and save you the fees.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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