Income Tax

KimLyn

Hi,

Can we include income tax from 2011/12 even though we don't have an exact figure yet?

My Husband will also have 2 months from 2012/13, can this also be included?

KL

suso

KimLyn wrote: »

Hi,

Can we include income tax from 2011/12 even though we don't have an exact figure yet?

My Husband will also have 2 months from 2012/13, can this also be included?

KL

explain more.

do you complete tax returns? as you mention "we", do you both complete tax returns,

If you do tax returns and are petitioning for bankruptcy in this year, then the tax due for 2011/12 will be added automatically to the debt. You do not need to add it anywhere.

If you do not do tax returns and are a PAYE employee then the tax paid is not included, you may need to complete a tax return for this year.

KimLyn

Sorry for not explaining more.

My Husband has been self employed for the last three years but he has now been employed since May.

His tax return for 2011/12 needs to be completed and paid by 31st January next year. Can the tax due on this return be included in the bankruptcy?

Do we not need to worry about working out his tax for the few invoices that were paid during May and June if he won't be paying tax on them anyway?

KL

KimLyn

Can anyone help?

Mouse1812

Yes you can - both 2011/12 in full and the two months of 2012/13 assuming they predate bankruptcy. Does not matter if you don't know how much the tax is, it can be estimated.