I owe vat and can't pay

Hi
Through various personal issues I have allowed a vat liability to develop. I do not have the means to pay the liability or any associated fines and penalties.

The amount is not clear yet as I am working through it now, possibly as much as 25k and is from 2010.

I am not being put under any pressure by revenue on this issue but would expect that it will happen soon.

My question is, in the event my liability is as I fear, what will happen to me.

Appreciate your help.

Is that you Mick?

newirishman said:

Is that you Mick?

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lol....do what micko did and offer them x amount over a 50year period. hell be 6foot under in 25years lol

newirishman said:

Is that you Mick?

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like it!

I'm not mick and unfortunately I'm not taking the mick either

What's the worst case scenario? Anyone able to shed some light on what's the likely procedure from revenue?

on a serious note im sure you will be put on a payment plan. dont stress yourself over money!

Hi Mate,

A friend of mine has been in a similar position to you.

The solution he took was either declaring him self banckrupt, or starting a phoenix company (Winding up the old company and Starting a fresh in its place with a similar trading name.)

I think it was the latter option, its completely legal, but I think entry criteria is very specific. Its worth a shot if you haven't got the money.

One bit of advice I will give you is that you 100% should not sell any of your personal assets (House/car) until you've had professional advice.

If you contact a insolvency practitioner they will be able to give you free impartial advice, I think spoke to a few of them, I've attached one to get you started www (.) clarkebell (.) com