Bankruptcy or agreed offer to Inland Revenue
My client, due to personal problems, has only just got round to filing the last 5 year tax returns! The IR has started to threaten bankruptcy over the estimated debt of £52K. The actual debt outstanding following the submission of all returns is now £8.5k.
We have contacted the Revenue to try to put a stop to the bankruptcy and come to some arrangement over the outstanding debt. He cannot afford to pay it all now and has no assets.
The Revenue has asked him to put an offer in writing for them to consider.
Does anyone know what a reasonable offer is bearing in mind he currently has very little work. My client has suggested £500 per month but my feeling is that is too low.
Any comments would be appreciated.
- Just for fun. 693 22
- VAT on purchase of plant from Germany 97 3
- Can we learn from the financial services industry? 61 1
- How to pay national insurance 497 16
- Spam blocking 116 4
- Director needs to withdraw 45k lump sum from company 200 4
- Landlord possible penalties for late registration for self assessment 200 9
- AccountingWeb is unworkable 107 1
- Small pool write off 208 4
- Bonus in june 233 2
- Where do I declare dividends in HMRC's Computations software ? 173 5
- reduce rate VAT on conversion from 2 to 1 dwelling 103 2
- HMRC Email 315 5
- CIS. Why is it so complicated? 1,918 21
- Employment status 208 3
- BIM47080 and director training before trade starts 175 5
- Accounting Software for Small Practice 988 23
- Hannah's blog post about fish 362 4
- Overlap relief 641 16
- Timescale for S455/S458 reclaims 166 3
- Theatre Tax Relief 480
- Has anyone been affected by the RBS payment breakdown? 375
- Windows 10 on-going support ... 369
- Straight line write off of Purchase Goodwill ??? 342
- Perkbox 308
- Self Assessment - What to enter on the return 299
- Compensation - Taxable or not then CGT or IT 269
- FRS 102 compliant illustrative accounts for an insurance company 266
- Document Management Systems 249
- WIP Software 229