We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Freelance work after bankruptcy
worthless30
Posts: 4 Newbie
Hi All,
I was declared bankrupt on May 1st 2009, after having my own retail business.
Since then I have been working in a bar and trying to find full-time job back in my old profession before the business.
I have recently been offered some freelance work. I was wondering how this works with my OR and IVP's...if I start doing freelance how would this be assessed by the OR as the income can be varied from it, obviously I need to declare it for tax purposes but how does the OR evaluate my income if its varied month by month...any advice...if that make sense?!
Thanks
I was declared bankrupt on May 1st 2009, after having my own retail business.
Since then I have been working in a bar and trying to find full-time job back in my old profession before the business.
I have recently been offered some freelance work. I was wondering how this works with my OR and IVP's...if I start doing freelance how would this be assessed by the OR as the income can be varied from it, obviously I need to declare it for tax purposes but how does the OR evaluate my income if its varied month by month...any advice...if that make sense?!
Thanks
0
Comments
-
Hi Worthless,
Standard thing with freelance work - any work, really - is that you have to inform your OR of any financial change within 21 days. With earnings that vary, month by month, you should try and estimate an average for a three month period and keep checking that projected average against what you're really earning. Don't forget to deduct the deductables.
Hope that helps
Lily0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.8K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.6K Spending & Discounts
- 247.6K Work, Benefits & Business
- 604.5K Mortgages, Homes & Bills
- 178.6K Life & Family
- 262.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards