Help with Inland Revenue please

tigerfeet2006

bumping for you

nervousmother

betterlife2009 wrote: »

The 2008-2009 can only be filed after april 5th so this cannot be included in your bankruptcy i was told
However the inland revenue are very good and you can arrange a repayment plan for up to 3 years

Hubby who is self employed and also gone BR was told he had to close his business and open up the next day the tax that was owed up until the date of BR is included, he had been very good this year and had £7k in a reserve account to pay Mr tax man but Mr receiver has taken it instead

villageidiot_2

I went BR last feb 08 and included my tax for year April 06 to April 07.I didn't pay anything in July 08,and when i phoned up to speak to a technical adviser about filing my returns for year April 07 to April 08 i spoke to a lovely lady(yes honestly) who said that i needn't bother with a return for that year as she would also include it in my BR:beer: .

She said that i will start with a new tax reference number next year for returns April 08 to April 09.

It took me a few phonecalls to actually speak to somebody who new what they were talking about.

I hope this helps,and good luck.

maxmycardagain

nervousmother wrote: »

Hubby who is self employed and also gone BR was told he had to close his business and open up the next day the tax that was owed up until the date of BR is included, he had been very good this year and had £7k in a reserve account to pay Mr tax man but Mr receiver has taken it instead

OR 1 - HMRC nil

:T:T:T:T:T:T:T:T:T:T:T:T:T

betterlife2009

villageidiot wrote: »

I went BR last feb 08 and included my tax for year April 06 to April 07.I didn't pay anything in July 08,and when i phoned up to speak to a technical adviser about filing my returns for year April 07 to April 08 i spoke to a lovely lady(yes honestly) who said that i needn't bother with a return for that year as she would also include it in my BR:beer: .

She said that i will start with a new tax reference number next year for returns April 08 to April 09.

It took me a few phonecalls to actually speak to somebody who new what they were talking about.

I hope this helps,and good luck.

OOOH that is good news hope they do the same for me

hadenoughnow

Yeh im really confused about the whole self assesment thing aswell, i went BR on friday and HMRC were a creditor, i was due to pay a sum last JAN for 06/07 (my first year trading) plus half on account for 08/09. and the other half in JULY 07 I never paid a penny and was given a ccj. now this JAN I have another bill due, but i can never get my head round what its for! all i know is that some if not all is included in BR.

Does anyone know whether i will have any money to pay in July this year? ( i may be carrying on trading i dont know yet) if not will i have a bill to pay next JAN2010? if so do i need to start putting that away now or will the OR not allow it.

fiveyearplan

If you are self employed as a sole trader then any tax you owed up until the date of your bankruptcy falls into BR - even if it wasn't due yet. So if you are going to carry on trading I would keep very meticulous records. You will owe tax from the date of your bankruptcy but not before.

hadenoughnow

fiveyearplan wrote: »

If you are self employed as a sole trader then any tax you owed up until the date of your bankruptcy falls into BR - even if it wasn't due yet. So if you are going to carry on trading I would keep very meticulous records. You will owe tax from the date of your bankruptcy but not before.

what about nil tax codes though? i thought the OR wanted the tax payments for the first year.

Starry_Night

Hi Guys

Thanks for all the info.

Just one little question though! If I need to put down tax as a debt on my SOA for April 2008 to April 2009, I won't know how much it is until April this year and by then it will be too late as hoping to go BC in Feb!!!

Sorry for being dim again:eek:

fiveyearplan

Is there any way you could delay BR until end of March? Then you could start a fresh new tax year.

I planned my BR that way.