Last year my company entered administration

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Mr. Jargon

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Post by Mr. Jargon » Sat Jul 24, 2010 12:51 pm
Last year my company entered administration as was subsequently sold off to pay creditors. I now rent the property back to this new company which provides a small income. Aproximately 1500 per month after paying the mortgage on the property.
The problem I have is the Inland revenue and my unpaid tax of 80K. I have good equity in my house and also the business premises collectively over 400K. How do I deal with the revenue and pay them off. Would they agree to say £1000 per month or will they come after my assets.
 
 

MelanieGiles

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Post by MelanieGiles » Sat Jul 24, 2010 3:52 pm
Hi there and welcome to the forum

If you want to avoid realising assets to pay your HMRC debt, you will need to try and enter into a "Time to Pay" agreement with them - which will involve you offering affordable instalments over a realistic timescale.

I would personally doubt that they would accept payments as low as £1,000 per month - these agreeements are usually only accepted if HMRC can see their debt will be paid off in under 12 months - but don't let that put you off as you could be successful.

Perhaps your accountant could help with the approach to HMRC.
Regards, Melanie Giles, Insolvency Practitioner
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