Personal Tax Debts

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Personal tax debts can occur for numerous different reasons. In many cases, we deal with sole traders who haven’t budgeted effectively for their self-assessment tax returns, or people who have accepted a cash windfall but haven’t prepared for the tax due. In recent times, we’ve helped hundreds of contractors and individuals made redundant from the oil and gas sector across Aberdeenshire and surrounding areas.

The Team

Sharon McDougall

Manager

Call: 0800 0639 250

What options are available when facing personal tax debts?

If you’re struggling with HMRC arrears of a personal nature and do not have the means to pay, you can attempt to reach an informal agreement with HMRC to allow you more ‘Time To Pay’. By discussing your situation with them, they may be more amiable when it comes to providing a more comfortable repayment structure. If you put your head in the sand and avoid their letters and phone calls, there’s a good chance of them refusing any requests.

If your personal debts are of a substantial nature, a formal insolvency procedure may be the best option to take. There are three main types of formal debt management processes in Scotland; these are:

Debt Arrangement Scheme

A Debt Arrangement Scheme is a debt management tool designed to help people repay their debts over an agreed amount of time without the threat of legal action. Creditors cannot block the scheme if it is fair and reasonable.

Trust Deed

A Trust Deed is a legally binding voluntary agreement which allows your Trustee to take over responsibility for dealing with your creditors. In this instance, you would stop paying HMRC and, instead, you pay your Trustee whatever surplus income you have left over a fixed term – usually 48 months – until the debt is repaid or the term is over, whichever happens first.

Sequestration

Sequestration is a form of insolvency that results in a person’s assets being transferred into the control of an appointed Trustee so that they can be used to satisfy creditors to the greatest extent possible. The term Sequestration itself means much the same as bankruptcy in other parts of the UK.

For personal debt issues that you feel are spiralling out of control, your best course of action is to contact us as soon as possible and a regulated Scottish money advisor can talk with you completely free of charge at your convenience. We have five offices across Scotland; these are in Aberdeen, Dundee, Edinburgh, Glasgow and Inverness.

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We have five offices located across Scotland. Find your nearest one here.

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We have offices in Aberdeen, Dundee, Edinburgh, Glasgow & Inverness. Contact your local office now, for your FREE initial consultation and advice.
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