Tax Return after BR

DrMoosePLC

Hi,

Am a self-employed sole trader. Made bankrupt end of last month. The OR said I didn't need to "worry about tax" until April this year when I needed to set money aside again.

My question is what happens about a tax return (which would have been normally expected to be done, for the tax year ending march 2015.) Will there still need to be a return? And even if there need be a return to basically say I was declared bankrupt will I need to do spreadsheets of all the incoming and outgoing? It's just it's quite a big job and I don't want to do it if it's not even required or going to be needed.

Thanks

egrescrimp

You would need to ask HMRC to create you a new UTR if you are still self employed, if you are then you need to also be putting money to one side from May this year as you'll need to submit a tax return for May 2015 -> April 2016.

maxmycardagain

anything pre-BR never happened.....BR day is D day, day 1 of your new life

maxmycardagain

egrescrimp wrote: »

You would need to ask HMRC to create you a new UTR if you are still self employed, if you are then you need to also be putting money to one side from May this year as you'll need to submit a tax return for May 2015 -> April 2016.

which will need to be in by Jan 31st 2017

Louk

I went BR in February '14. I am a sole trader and my business continued after bankruptcy. I was contacted by HMRC shortly after bankruptcy who gave me a new UTR number. They also instructed me to file a paper return for the tax year 13-14 but I didn't have to file it until jan'15 (usually paper returns are due in the October before). I did have to request the paper return a couple of times because they either failed to send or it didn't get to me so be on the look out for that.

I'm sure HMRC will be in contact with you.

woodformoretrees

Louk wrote: »

I went BR in February '14. I am a sole trader and my business continued after bankruptcy. I was contacted by HMRC shortly after bankruptcy who gave me a new UTR number. They also instructed me to file a paper return for the tax year 13-14 but I didn't have to file it until jan'15 (usually paper returns are due in the October before). I did have to request the paper return a couple of times because they either failed to send or it didn't get to me so be on the look out for that.

I'm sure HMRC will be in contact with you.

Pretty much spot on. I had to chase for my paper return, (to be done in pre-bankruptcy UTR). Then have started again this year with my new tax, and am able to do an online return
etc.

NINANinja

I've had a heck of a job getting a paper return off HMRC for my 'bankruptcy tax year'. If you've got your new UTR number, then you can download a paper return plus a short or long self assessment form from the HMRC 'forms' website. I suggest you take matters into your own hands rather than wait for them to send you the form in the post. They took a long time with mine, saying it was their fault and promising I wouldn't get a penalty... I'm now having to remind them of that promise. B*ggers.

DrMoosePLC

I'm probably being thick but does this mean you DO have to do spreadsheets, list money in, money out, order receipts etc for bankruptcy year and then do a paper return? Or do you have to do a paper return which just lists no income and expenditure and just ticks a box saying "went bankrupt" or something? It's just the process of doing all the assorted paperwork for my tax return take 20+ hours so I'm hoping there's no need to do it as normal?

egrescrimp

You fill out the form as you would for any normal tax return, I was lucky and managed to do last years tax return online before they got around to revoking access and acknowledged my return had been completed and where fine with it online. If there's any money owed in your bankruptcy year, then HMRC will become a creditor in your bankruptcy and they along with the OR need to know how much they are in for so the return is needed otherwise HMRC could submit an unfair estimate to the OR.