Going to BR

UFarid · 20 October 2017 at 2:30PM

Hi Guys

This forum is very useful, i read it everyday.

I have a question. I am going to put my bankruptcy application through.

I have been working as a contractor for last few years, and i am a company director. I run my own payroll from which i get £1,100 every month as my salary and i take dividends at the end of every year.

So, my question is would i put my normal £1,100 as my monthly income or do i need to request a SA302 to get my last years income?

Thanks

National_Debtline · 20 October 2017 at 3:15PM

Hi Ufarid,

You will need to ask your accountant to do the budget plan for the limited company, especially if their are dividends. Limited company accounts are complicated, but your accountant should help you gather the documents you need. Don't forget, you will to take the work as a contractor into consideration as well.

It is important to ensure that your self assessment returns are up to date before going bankrupt, otherwise there is the risk of penalties after the bankruptcy (which would be excluded). And, you will have to resign as director of the limited company.

For further information about the implications of bankruptcy when you are self employed you can call Business Debtline on 0800 197 6026.

Laura
@natdebtline

Going to BR

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