Speak to one of our specialist advisors 0808 156 7730

Q&As and Ask an Expert

What options do i have as a bankrupt contractor

5 months ago - Posted by

I’m soon to be made bankrupt and currently on PAYE but would like to also do some contracting & free lance work on top on my PAYE employment. I do not want to manage my own tax or be a limited company but free to work on short term projects for any client and be sure my tax and insurance is covered. I have looked at umbrella companies and seems the best way to go for me

My current business account will be frozen after bankruptcy but i will be able to keep my personal basic account i currently use which has no over draft or credit facility.

What are my options and where is the best place to get advice in my situation?

1 Answer

TAD Member

5 months ago

Whilst bankrupt you will need to inform the trustee in bankruptcy of any additional earnings that you receive as this may mean that an Income Payment Agreement is possible, or can be increased. Whether you will be better off working for an umbrella company or doing contracting or free lance work would perhaps be a question that is better placed with an accountant or tax adviser. If you would like to find out if other options may be available, to avoid the bankruptcy, then contacting a free debt adviser may be useful.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you need further help, Debt Advice Foundation provides a free, confidential helpline and can advise you. Click here to find out more.

Answer the question

If you have a question on a particular debt topic, you may find the answer in the questions below or in our full Q&A section.

Request debt help & advice

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aenean rutrum lacus at magna lacinia efficitur. Sed sodales, diam ac aliquam tristique, urna ligula eleifend lorem.

Our team of specially trained consultants can advise you on the best debt solution based on your current situation. For confidential advice Just fill in the form below and one of our team will call you back




Live Chat

Got a question? Our advisers will point you in the right direction.

  • Monday to Friday, 8am to 8pm
  • Saturday, 9am to 1pm
  • Sunday and Bank Holidays, closed
Launch chat

Call us

Got a question? Our advisers will point you in the right direction.

0808 156 7730
  • Monday to Friday, 8am to 8pm
  • Saturday, 9am to 1pm
  • Sunday and Bank Holidays, closed