Tax Rebate whilst undischarged BR

Edsindebt

I went Bankrupt on 10/12/2009 and I am currently getting my accounts ready for the end of my tax year as I am Self Employed.

I have worked out that I am looking at a rebate of nearly £400. Will I get the rebate and have to declare it to the OR or will they receive it directly?

I am not trying to be greedy but with my work I have to obtain certificates and licenses on a regular basis which I use my rebate for each year. Just concerned that if I don't receive it how i'll be able to afford the test etc.

Cheers Ed

mscfsb

Edsindebt wrote: »

I went Bankrupt on 10/12/2009 and I am currently getting my accounts ready for the end of my tax year as I am Self Employed.

I have worked out that I am looking at a rebate of nearly £400. Will I get the rebate and have to declare it to the OR or will they receive it directly?

I am not trying to be greedy but with my work I have to obtain certificates and licenses on a regular basis which I use my rebate for each year. Just concerned that if I don't receive it how i'll be able to afford the test etc.

Cheers Ed

Hi Ed,
I am in the same situation as yourself, Your OR will take all of the tax rebate directly from HMRC. The form that you will have filled in and signed allowing the OR access to your tax details and to approach the tax inspector for any monies that you are due to be repaid. As far as i am aware this is non negotiable .
With regards to using the rebate for obtaining certificates and licenses, Before working out your monthly income for your SOA you are supposed to take out all costs of running your business: (Certificates & Licences ect) along with all other costs incured throughout the financial year allowing enough before calculating your drawings. Not too sure if your OR will allow you to receive any of the rebate but im sure it won't hurt to ask. I would be interested to know the outcome should you ask.
I hope this has been of some help Ed, Im sure someone with more expertise will be along to give a more detailed answer soon. Sorry if it's not what you wanted to hear Ed.

sizzler

Good advice goes to OR:)

Edsindebt

Thanks for your replies, very helpful. I will ring my OR and ask about it tomorrow and let you know their response.

Edsindebt

mscfsb wrote: »

Hi Ed,
I am in the same situation as yourself, Your OR will take all of the tax rebate directly from HMRC. The form that you will have filled in and signed allowing the OR access to your tax details and to approach the tax inspector for any monies that you are due to be repaid. As far as i am aware this is non negotiable .
With regards to using the rebate for obtaining certificates and licenses, Before working out your monthly income for your SOA you are supposed to take out all costs of running your business: (Certificates & Licences ect) along with all other costs incured throughout the financial year allowing enough before calculating your drawings. Not too sure if your OR will allow you to receive any of the rebate but im sure it won't hurt to ask. I would be interested to know the outcome should you ask.
I hope this has been of some help Ed, Im sure someone with more expertise will be along to give a more detailed answer soon. Sorry if it's not what you wanted to hear Ed.

I spoke to my OR and she advised me that they will receive the rebate directly and I will not be able to claim any of the money towards training or even towards living costs if I was out of work to say.