Former glamor model Katie Price is set to dodge a staggering £176,000 tax bill after her cosmetics company shut down during its bankruptcy
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Katie Price is said to be avoiding a £176,000 tax bill from her cosmetics company Jordan Trading Ltd – which has been closed due to its bankruptcy.
The company of the former glamor model went into liquidation five years ago.
And now it has been reported that the 43-year-old’s total debt is now a whopping £3.2million, with even more fears she could even lose her infamous ‘mucky mansion’.
According to the bankruptcy trustee’s latest report Katie, who was filed with Companies House, owes £192,376 to HMRC, £25,746 to Trade and Expense Creditors.
She also owes the director’s loan account £152,478.
Insolvency practitioner Moorfields says they expect “a distribution of around £8.19p will be made to unsecured creditors” – meaning the tax official can expect to receive just £15,755.
Katie doesn’t have to pay £176,621 in tax.
The star’s financial woes have been well documented in recent years and Katie now has a case pending in the High Court.
It comes after the reality TV star “did not properly engage with creditors over her £3.2million debt”.
While Katie has been declared bankrupt, she’s also been working hard to “make millions” again by joining Only Fans.
The mother-of-five was hoping to repay the money she owes by launching a slew of businesses this year, including selling cheeky snaps on OnlyFans – as well as bath bombs and perfumes when she transitioned into the cosmetics industry last year.
Katie was reportedly very hopeful that her OnlyFans career would put an end to her money woes – but she wasn’t so lucky as she continues to drop prices to sell more raunchy snaps.
Pal and fellow OnlyFans Kerry Katona was a famous face who publicly congratulated the mother-of-five on her move – and claimed she was the one who encouraged her to do so.
YouTube/ Katie Price)
It seemed like Katie was keen to emulate her friend’s success on the subscription-only site – she reportedly told friends she was “convinced” she could pocket “at least £1million this year” by posting sexy snaps to fans sell.
“Initial signs are good and the interest from fans has blown Katie away. She’s really focused on making the most of this opportunity and believes she can do really well this year and take a big step toward paying off her debts,” a source said The sun.
The insider went on to claim that Katie’s only regret is “not doing it [OnlyFans] years ago” and confessed that the former icon is just as interested in making as much on the site as pal Kerry.
“Kerri [Katona] was really supportive,” they continued.
“She made £1million in her first year with OnlyFans. And Katie hopes to make at least as much, too.
“Throw down the book she’s writing and all the other work she has, Katie has actually never felt so optimistic and confident about the future.”
Katie – who was worth over £45million at the time – currently owes her creditors a staggering £3.2million after being declared bankrupt in December 2019.
https://www.mirror.co.uk/3am/celebrity-news/katie-price-swerves-174k-tax-26587025 Katie Price 'avoids £174,000 tax bill' as her business 'shuts down' amid bankruptcy