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How many people are going to be unable to pay the tax due in 3 weeks time?  I suspect it's going to be a lot, and there are going to be a lot of bankruptcies incoming.

HMRC made things worse, IMO, by allowing people to not pay the 2nd payment on account (which was due in July 2020). This is now falling due at the end of January 2021, plus the original tax...

The only thing they've come up with, for those struggling to pay, is that they can pay it off over 12 months.

Thought I'd create a thread to track incoming bankruptcies etc.

 

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There are a few people I know who literally thought not paying last July was like being given money to spend and just like deferring VAT I knew it would eventually bite them as HMRC does not do debt forgiveness, if it did it would undermine their position and authority.

A perfect storm is brewing for small business and the financially feckless who do tax-returns.

I for one made sure the mob got their protection money on time to keep life simple and relatively stress free.

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5 hours ago, Chewing Grass said:

There are a few people I know who literally thought not paying last July was like being given money to spend and just like deferring VAT I knew it would eventually bite them as HMRC does not do debt forgiveness, if it did it would undermine their position and authority.

A perfect storm is brewing for small business and the financially feckless who do tax-returns.

I for one made sure the mob got their protection money on time to keep life simple and relatively stress free.

Doubt it. Politically impossible to pursue anyone, whose ability to earn was curtailed over COVID, to insolvency.

May not be the debt is officially forgiven but it will all just be forgotten about the smell of hot soapy water, for a total slate wipe clean has been in the air for months and months. If it goes cashless the whole current tax regime could be binned entirely.
 

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