Help
It feels like I have sleep walked into debt, when I was starting out in business I used cards to purchase materials and equipment and instead of paying them back i used the income (turnover) to keep the family going, not wise in retrospect but at the time I felt i had no options (my wife was having a breakdown at the time and I was the only breadwinner). The business can now make a reasonable (ish) profit but everything seems to go down a debt hole, last year I thought I did the right thing by moving most debt to one loan (at 7% instead of credit card rates), but still find myself paying £700-£800 per month. I'm managing the payments but at a cost, my health is shot and our relationship is falling apart because of the stress. The final blow has come from the Inland Revenue, I have a tax bill of £3K, on paper it looks good for them to take my money, but in fact half my actual income goes on paying my debts. Can the tax be written off too? I have paid some tax using a credit card!!
thanks
