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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13885
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Friends of mine had their own business but it didn't failed

Customer Question

Friends of mine had their own business but it didn't failed and their house was lost and they were in so much debt ,borrowing from friends etc to eat and pay credit cards which were used for food and bills, tax was not paid.
This was approx 15 years ago if not more .They are now in a rented flat and one of them is working, but still living hand to mouth and borrowing from family.
The husband is obviously depressed but also frightened to go for jobs as he is worried about owed tax and that his wife's wages might be arrested and they struggle as it is.
He has basically earned nothing in the last years .What would happen if he tried to sort the tax out.Because of this he is stuck at home doing nothing all day.
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.
Hi
Thanks for your question - I am Sam and I am one of the UK tax experts here on Just Answer.
Did they lose their house due to HMRC pursuing for tax? Or just through debts amounted - did they file for any bankruptcy or insolvency at this time - have they considered this would be a good first step at this time, if they have not done so already.
You advise that the wife is working - and as she too was in business and there has been no pursuit of her tax position, it would seem there is not anything major to worry about, but could you advise further so I can give a more in depth response
Thanks
Sam

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