HMRC

hadenoughnow

I was declared BR last week. As well as being employed full time i had a little business going. 30th March was the end of my first year trading. I have approx £3k profit although havent done accounts yet. Is the tax for year 2019-20 payable and what about the profit? ive spent the money so can they expect me to repay it into the BR? I should also add that im not to going carry on trading any longer as from my income alone i have a surplus so there's no point working self employed on top as they will want all my profit wont they in an IPA? 

thanks

mwarby

They can’t take money you’ve already spent, especially if it was on normal items (if you had spent on a car, they might want that asset)

you do need to do your accounts and tax return still as far as I know, the sooner the better I expect.

beckmary

These HMRC scum tried to make me pay back money already spent because they overpaid me tax credits.
It was included in my BR, but they only backed off when my local MP got involved
Good luck