will the Inland revenue stop us from trading ?

[sunshine]

Hi! We (me & hubby) are nearly 3 years into IVA, but we owe £7,000 between us to Inland revenue who are now telling us we have to go BR if we do not pay. Have informed IP and are waiting to see our fate. Have asked IP if we can review payments as are struggling so much, the waiting is very stressful.

We rent our home and our only asset is car worth about £4,000. We are less terrified of BR than in the past but are worried about losing our income which is from our business - we are self employed independent distributors. The parent company say we can continue trading if BR but as we have not been able to pay the tax on that income will the Inland revenue stop us from continuing. Thankyou for any advice.

[facingittogether]

hi sunshine and wekcome to the forum!

sorry i am not a expert but one will be along to advise you!

you have oome to a great place for support and advice - hang on in there!

love barb x

[MelanieGiles]

I'm sure I've already answered this post on the bankruptcy site!

HMRC are rather unforgiving if you build up post IVA arrears, and you will need to find some way of clearing that debts whilst still maintaining your IVA payments. Selling the car may be an option, but this still leaves you £3k short.

It is really important if you are self-employed and in an IVA that you set aside money to pay your tax bills, as if you use HMRC's money to effectively fund your IVA bankruptcy is very likely to ensue.

[sunshine]

[:)]Thankyou very much Melanie you did reply on both forums!
We have been very stupid by burying our heads in the sand over the tax bills. Now we will take each step as it comes and try to be more rational. This forum is brilliant and I wish I had found it years ago.

[Soulgrowth]

Welcome sunshine ... keep in touch and let us know how you get on.

Debbie