We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Final tax return before going Bankrupt
Options
Richshack34
Posts: 2 Newbie
Hi there I have debts in excess of 50k with half of this owed to HMRC. I aim to file for bankruptcy in the coming weeks as the debts are out of control. I am self employed and a sole trader and wish to continue my trade once I am bankrupt. Should I file my final tax return(2021-22) before filing for bankruptcy to write this debt off too?
0
Comments
-
Personally I would, simply so that you won't get chased in future for not filing the return. They will still chase it even if there is nothing to pay and not sure the penalties for non-filing would be covered.You might have to estimate what you owe as an accountant may note you're insolvent and won't be happy working for free.However others here might advise differently.May you find your sister soon Helli.
Sleep well.1 -
If you still want to trade and go bankrupt I would suggest you speak to Business Debtline for the best advice on how to manage this.
1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards