Tax and BR

Maybeelady

Going to court on Friday, but still confused about my tax. I'm self-employed, and am including my payment on account (which was due this July) for tax year 2008-2009 in with my other creditors.

However do I also include the tax I should have been putting aside (but haven't done because I don't have it) between April & now for the tax year 2009-2010? This will be due in Jan 2010 but I don't see how I can find this money especially when BR?

Does anyone know how this works? Am very worried that I'll come out of BR, being in debt still.

fiveyearplan

As I understand it any tax due for the period up to your BR date will be included so you will start fresh from the date of BR if you continue trading.

debtinfo

Monies owed to the date of the BO will be included. Remember though that when you go bankrupt you will need to reregister as a new business the day after and make sure that you put a reasonable amount away for tax from now on

Maybeelady

debtinfo wrote: »

Monies owed to the date of the BO will be included. Remember though that when you go bankrupt you will need to reregister as a new business the day after and make sure that you put a reasonable amount away for tax from now on

Do I need to calculate the tax between April & now, and include that in my list of unsecured debt then? Or is this something I discuss with the OR rather than on my BR forms?

Thanks

kew63

Hi
Hubbie went BR in July, business closed in April. He's done the 2009 return and that's to be included in BR, also when he does final tax return in april 2010, that will be included because the tax it relates to is prior to when he goes BR.

OR hasnt asked hubbie to estimate the tax for 2010, just that we do the return to best of our ability, accepts we wont be employing an accountant to help.

They like all the Tax & VAT done because it draws line under it.

Hope that helps

Maybeelady

kew63 wrote: »

Hi
Hubbie went BR in July, business closed in April. He's done the 2009 return and that's to be included in BR, also when he does final tax return in april 2010, that will be included because the tax it relates to is prior to when he goes BR.

OR hasnt asked hubbie to estimate the tax for 2010, just that we do the return to best of our ability, accepts we wont be employing an accountant to help.

They like all the Tax & VAT done because it draws line under it.

Hope that helps

Thanks kew63 - did you include all of that tax in your BR forms (under creditors)?

Maybeelady

Or does anyone else know?

Thanks!!

Maybeelady

Bump!

Going to court on Friday and panic stations!!!

Does anyone know if i include tax that will be due in January 2010 in my BR forms??

fiveyearplan

Yes, include HMRC as a creditor and estimate what your tax will be up to your BR day.