I am a Chartered Accountant who is in a steaming heap of debt. I live in a tiny house and haven't taken the micheal but due to family issues and economic pressures I have debts in excess of £120k with my spouse. My practice is a small limited company (just me) of which I am director and shareholder.
I have checked with my institute, and aside from making them aware, declaring myself bankrupt would have no bearing on my ability to practice as a chartered accountant.
I understand that I would not be able to act as a director (I could appoint a familiy member) but I understand that I would be able to continue to be a shareholder? This would satisfy the condition that more than 50% of the shares are held by a chartered accountant.
I know bankruptcy should only be considered as a last resort, but the chances of us repaying this debt are virtually nil. We strugggle to survive day to day and we have no equity in our house.
Has anyone else been in this situation, or can advise if there is anything else that would affect my ability to continue with my small practice (which has no assets except a 3 year old laptop and a very cheap printer)! Also, would I need to make my clients aware? Or would they be able to obtain the information (short of doing a credit check - which if they did anyway would raise concerns).
- Capital gain or not? 76 3
- EC VAT 147 5
- Accountant software 224 3
- Forecasting Software 183 2
- No Prrof of Posting of Tax Return sent by Post 308 10
- Renting property to yourself 201 5
- Playstation 4 - Allowable expense or not? 1,788 21
- Accountant Pays Clients Tax 364 5
- Which software for practice books? 265 5
- Employer wishes to meet the cost of a number of employees childcare costs 83 3
- LTD company late penalties 247 4
- Sub Post master / NIC 111 1
- Concerned about RTI 2014 1,502 29
- Pension contributions > £50k BRB effect 41 1
- Tax residence 69 1
- Interim 2013 Tax Returns submitted as NIL 232 5
- Inheritance tax 178 11
- Pension contributions limits 175 8
- Partnership tax returns 142 2
- PPR election - what do you think? 144 6
- Desperately seeking Susan, Sam or anyone with any other name 616
- CIS to 5/10/13 and HMRC Computer issue 477
- Experience with Islamic investor following Sharia-compliant rules? 444
- Darwinpay Partnership Assessment 274
- How to format a stock book 222
- S464A Charge to tax: conferring benefit & BIK 192
- Foreign income on Self Assesment 178
- Tax efficient holding company structure 165
- Investment property company accounts template 159
- Outlook 2007 with business contact manager not loading on new laptop 148