Struggling2019
Registered User
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- 5
I have a question maybe someone else has similar experience, or can advise me. Basically ive been self employed in Northern Ireland for about ten years, and I live in Republic of Ireland, Monaghan. Each year I pay tax to the UK HMRC and do UK VAT returns, as I am vat registered in Northern Ireland. Then I declare my nett earnings to the revenue Commissioners in Republic of Ireland, and pay income tax here too. However I find myself in a situation now where I have a UK VAT liability of £20,000 and a self assesment personal income tax liability of £10,000, total of £30,000. The HMRC have wrote to me at my business address in Northern Ireland and say unless I pay everything within 7 days they will apply for a Bankruptcy order in Belfast. I have about £2,000 of assets in northern ireland. However my home address is in Republic of Ireland, Monaghan, and here I have a mortgage balance of €385,000 of which €30,000 is in arrears from about 5 years ago, although ive made full repayments for the last 24 months, and the house has recently been valued at €160,000. Im currently going through the MARP with my irish mortgage bank and theyre looking for me to increase repayments from my current €1,800 per month, up to €2,500 per month while going interest only too. My mortgage for our house is also in my wifes name, we have no other loans or property, and we own a very modest 10 year old car, and a 11 year old van for my work. I wonder if the HMRC make me bankrupt in Belfast, what will happen my house and mortgage across the border even though its in such negative equity?