Tomorrow is a very important day

Tomorrow I have a big meeting, yes another one.  However, this is life changing.

I have been speaking to an Insolvency Practitioner about keeping my tax debt separate from other debts, it transpires that I can do that as the company has no assets and I was the only employee.  I closed the company down in July, but the HMRC has kept it in their records as a trading company!. The company is unable to pay it’s debts, this it is insolvent.

Still with me?   good…

What works in my favour is the clear evidence I have made every single effort possible to pay back everything, which has been a huge amount of money.  I also pumped in £18,000 of my own money back into the company which left me unable to meet other demands.  It shows I have tried everything.

If I can achieve it, the insolvency will only go against my name as a company director and not myself personally.  But, it’s not cheap.

To set this up will cost £4000.  Wow you might say, but remember the outstanding debt is £25,000 so if you look at the 2 figures it is a small price to pay to finally stop this nightmare.   There will be some that now think, well hang on that isn’t fair so let me qualify it.

Remember, a quarter of the total money owed to HMRC is fines and interest.  The actual bills were paid, not on time I know, but paid.  The figures grew which were more of a struggle to keep up.  The more I missed, the more I got fined, the bigger the total was each month and so on.   And, from reading my posts, you will see I have been on my knees but still paid as much as I ever could.  But, I can’t pay what I do not have.

Additionally, I am not including my own personal debt.  I am totally committed to paying it off, and I will do.

Appointing an Insolvency Practitioner means they deal with the HMRC directly now too, so they can’t flood me with threats every single week.   I had to look at what this was doing to me, the dread of the unknown number on my phone, the constant fear of hearing the mail being delivered.  It is not healthy to be constantly worrying, and to be harassed to the point of no return.  I would rather be banned from being a company director for 5 years and walk away with the knowledge I paid back nearly £100,000 before I could do no more.  I think you will agree the effort has been there.

What I hope is the financial evidence review goes well, and that I am allowed to be separate the insolvency.  If it doesn’t, I am utterly doomed.

So fingers crossed please my beloved readers and followers.  I will update you all tomorrow night.

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