HMRC tax arrears within BR and allowable car valuation

blondee55

Worcsman wrote: »

never claimed to be an expert but i have been through the process. what i suggested has stood the test of truth. the guy should sell his car before the OR takes it. And for the record, I took the advice of the CAB - a debt charity and a year or 2 down the line, it turned out to be the worst advice I could have taken. If I had looked here first and took the advice of those who dont have a clue what they are talking about, instead of listening to what you call the so called experts said, I would be in a much better place now. Have not got a clue what I am saying? Oh yes I have. Take your opinion and flaunt it elsewhere, it is a moissanite and it's worth.. naff all. OP, do what you feel is right but 100% listen to those that have been there and done it. You have to balance it out with little nuggets such as you will get from this erm... person don't want to swear but fill in as you feel ness.. but on balance, we bankrupts have been there, got the t-shirt and do have some advice worth reading.

Wow! what a horrible and totally unnecessary post, evidently you like to use obscure words? but cannot digest a post that is not even aimed at you, and then to top it all you are totally rude to someone who has helped numerous people on here, me included, words fail me. Sorry to thinkpositive1 for "hijacking" your thread. Hope you get all the advice you need from here and wherever else you can obtain it. Oh and for anyone wondering, moissanite is a mineral that has a fraction of the value of a diamond.

woodformoretrees

Actually Worcsman wasn't the first to misunderstand the post. Emotions run high on the forum - most of us are very frazzled and sometimes bite at a kind hand.

woodformoretrees

thinkpositive1 wrote: »

Anyone know what the situation is regarding tax arrears? Does tax relating to the financial year in which you petition for BR get included in the bankruptcy estate...i.e. would it include 2013-14 tax year if BR petition submitted before the end of March?

Mine were - but I couldn't give you the technical detail I'm afraid. I still don't understand it all.

dojoman

woodformoretrees wrote: »

Actually Worcsman wasn't the first to misunderstand the post. Emotions run high on the forum - most of us are very frazzled and sometimes bite at a kind hand.

I`m sorry but I don`t think my post was ambiguous or confusing in anyway. I know that emotions can run high I have seen it too often where we have had trolls trying to stir it up, but do you honestly believe that my post warranted such a response? If you read the OP they refer to 2 experts in punctuation marks, and that is why when I stated experts I also used punctuation marks, if people take the time to read and digest the posts on here instead of insulting someone it would be a far better place. In reference to my first post, if someone can call themselves an expert then tell the OP not to worry about a car that is valued at 4 or 5k then in my humble opinion they are not an expert and not to be trusted with any other advice concerning BR. When I went BR 5 years ago, my car was valued at 3.5 k and the OR was going to take it, but my daughter purchased the BI in it and we managed to keep it. All the OR did was pass it on to an agent who came round and valued the car and I then dealt with him, there is no hassle for the OR to take a car from you.

woodformoretrees

I don't think your post is ambiguous - which is why I informed the other poster that IMHO you were referring to 'experts' as mentioned by OP. That poster deleted their post, and I subsequently deleted my post explaining.
As two people made the same mistake in reading your post maybe not everyone fully read OP.
I have no idea.
Just peace keeping x

Worcsman

Ah well.. I apologise, yes I got the wrong end of the stick. No harm done I hope. Doesn't really matter if how you said, what you said, was ambiguous.. It clearly wasn't meant that way and for my misunderstanding and then my reaction I apolgise. And to the dissenters I seemed to have gathered... Hopefully that will draw a line under it.

dojoman

Worcsman wrote: »

Ah well.. I apologise, yes I got the wrong end of the stick. No harm done I hope. Doesn't really matter if how you said, what you said, was ambiguous.. It clearly wasn't meant that way and for my misunderstanding and then my reaction I apolgise. And to the dissenters I seemed to have gathered... Hopefully that will draw a line under it.

Thank you, much appreciated:) as you say no harm done.

tigerfeet2006

And after all that, just to re-iterate that the guidelines have changed and cars are up to £1k now and not as they were a few years back at £2k.

All tax, including this year will be included in the BR.

thinkpositive1

tigerfeet2006 wrote: »

And after all that, just to re-iterate that the guidelines have changed and cars are up to £1k now and not as they were a few years back at £2k.

All tax, including this year will be included in the BR.

Thanks Tigerfeet

So if I go BR in March (next month) the BR includes for all tax due in the 2013-14 tax year, and if I go BR in April or after, it will include any tax due for the 2014-15 tax year, providing a clear start to pay tax for April 2015 onwards?

dojoman

thinkpositive1 wrote: »

Thanks Tigerfeet

So if I go BR in March (next month) the BR includes for all tax due in the 2013-14 tax year, and if I go BR in April or after, it will include any tax due for the 2014-15 tax year, providing a clear start to pay tax for April 2015 onwards?

That is not quite right, if you go BR in April any tax owed prior to BR will go into your BR, for the remainder of the tax year after your BR, any tax due will have to be paid to the OR under a Nil Tax code. That means it will not go to the HMRC but will go towards the costs of your BR.