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Max Lowry
Max Lowry, Advocate
Category: Bankruptcy Law
Satisfied Customers: 1457
Experience:  LLB, 10 years post qualification experience
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I owe the vat 30000.I am self employed.Vat is for labour on

Customer Question

I owe the vat 30000.I am self employed.Vat is for labour on jobs I have done in the past.
I am owed monies.I have work comming up.I have also had a bad debt.Which we are trying to get some back through the courts.
I would like to put through a payment proposal.
Is this possible
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Max Lowry replied 3 years ago.

Max Lowry :

Hi, welcome to Just Answer. I will help you with your question.

Max Lowry :

Yes, it would be possible to put a payment plan to HMRC regarding this. They appreciate that people do sometimes get in difficulties and they are usually more than willing to assist. They don't like to take steps to make people bankrupt and/or enforce for the monies due if they can avoid it, so be as sensible and realistic as possible in your proposals.

Max Lowry :

If this fails, then it might be possible to look at putting together a formal IVA, individual voluntary arrangement, which would bind all creditors including hmrc.

Max Lowry :

You would need support from 75% (by value) of your creditors to make this work.

Max Lowry :

This would allow you to pay off all your debts over time and nobody could take action against you whilst the IVA remains in place. This would allow you to avoid bankruptcy.

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