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£50,000 tax bill - unemployed - can you help?

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4 posts • Page 1 of 1

£50,000 tax bill - unemployed - can you help?

Postby blande » January 9th, 2017, 10:40 pm

Hi,

I ran away from a £50,000 tax bill around 3 years ago, i have been 'off the radar' since and now looking to face the problem, however, i have a few questions running through my mind which are holding me back so i'm hoping someone here can shed a little light on this and help me get the ball rolling.

If i contact HMRC am i likely to end up in any kind of legal trouble after leaving it so long to contact them ?

What is the likely outcome of facing this sort of situation ?

Current situation:
- do not have £50,000
- unemployed

any other info would be gratefully received.

Many thanks
blande
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Posts: 2
Joined: January 9th, 2017, 10:28 pm

Re: £50,000 tax bill - unemployed - can you help?

Postby Debtwizard » January 10th, 2017, 2:12 pm

Hello blande and a very warm welcome to the DebtWizard IVA and debt help forum.

If i contact HMRC am i likely to end up in any kind of legal trouble after leaving it so long to contact them ?

That will depend if HMRC has been writing to you. Have you been opening your post over the past three years from HMRC? Have you been changing addresses frequently?

It might be an idea to get some important debt advice and establish what your options are. I note you have £50,000 (three years ago, will be higher with interest and late payment penalties). Do you have any other debts such as store and credit cards, bank overdrafts, personal loans. Also do you have any assets such as a car, home etc? What are your employment prospects over he next few months?

Once I know a bit more I should be able to point you in the right direction.

Best wishes,

Mike
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Re: £50,000 tax bill - unemployed - can you help?

Postby blande » January 10th, 2017, 9:23 pm

Hi Mike,

Thanks for your reply

I lost my house due to mortgage arrears which were resolved on the sale of the house however i moved on at this point and have not had a fixed address, or been registered at any address during the past 3 years and as a result no contact with HMRC.

Other debts, not that i am aware of.

Credit cards, loads etc. - no

Bank account - in the red and not used for a number of years

No assets - these were in a storage container which i lost due to not keeping up with rental.

Employment - i am in my 50's and have either worked for myself or family all my life, i have various skills which can be applied to range of jobs however i am wary of pursuing employment until i have the situation with HMRC either resolved or at least under discussion.


Thanks
blande
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Posts: 2
Joined: January 9th, 2017, 10:28 pm

Re: £50,000 tax bill - unemployed - can you help?

Postby Debtwizard » January 11th, 2017, 11:16 am

Hello blande

I take it it - Credit cards, loads etc. - no - means no debts on your credit cards? and you have been opening mail from HMRC?

The debt with HMRC will not go away so it will have to be tackled at some time, HMRC are a difficult creditor to negotiate with and as they seem to be your largest creditor then bankruptcy may be the way forward and in light of you having no assets plus very little disposable income (difference between you normal income after stoppages and your reasonable expenditure as assessed through industry set guidelines) makes this a possible solution.

That said you will need to have all your options confirmed and to see if bankruptcy is still a contender, to that end you may wish to see a list of the 'not for profit debt advice agencies' on the following link, I would look at your nearest CAB office and StepChange.

Not for profit debt advice agencies

Be good to read how you get on.

Trust this helps.

Best wishes,
Mike
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