*The Commerce Journal>>>United Kingdom Taxes

If You go bankrupt does it clear your tax bill as well as all your other debts?

Hi, if your in the UK then yes. I worked for HMRC chasing tax debts and we often served bankruptcy proceeding on them. However there is a monetary limit of around 拢2500.00 before they will do this. So if it is more than this they may well do i for you, less than this and you will have to do it yourself. Either way they should be cleared by bankruptcy.

it clears everthing as far as i know.

You cannot list your taxes on a bankruptcy

Yes, but they will be the first in the Q unless you have employees.
And don't forget this - you may never be asked to pay tax again! OK, that's a joke.

I don't think declaring bankruptcy clears obligations you have towards the government, all other debt you have will be absolved, but you still own the gov money that you originally owed, and they want it.

no

sorry

you cannot put money you owe to the government into a bankruptcy. So not only taxes but CSA payments and that kind of rubbish I beleive

It all depends on the dates. In the UK, the Revenue will probably be a preferential creditor for at least one year's tax. The rest goes into the pot for share-out.

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