Help self employed confused

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sammydodger_2
sammydodger_2 Posts: 43 Forumite
in Bankruptcy & living with it
Sorry to ask so many questions I’m self employed and my accounts are done with an accountant - do they ask your accountant for your earnings or do you have to produce all of your receipts for all your accounts? Obviously they asking my outgoings and I was about to put in my phone bill etc but I do claim that in my business so I’m assuming that can’t go down as an expense?

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  • ACG
    ACG Posts: 23,727 Forumite
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    I do not know the answer, but I would be surprised if you can put it through your books as a business expense and as a personal expense, otherwise it is being counted twice.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • sammydodger_2
    sammydodger_2 Posts: 43 Forumite
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    Sorry I claim 90% back for business so 10% is personal so I could put 19% of my bill in but didn’t know if they would look at it strange
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
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    Hi sammydodger


    I'd advise you to speak to Business Debtline about this on 0800 197 6026. They specialise in advising people who are self employed and will be able to help you deal with this situation.


    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • boo_star
    boo_star Posts: 3,202 Forumite
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    sammydodger wrote: »
    Sorry I claim 90% back for business so 10% is personal so I could put 19% of my bill in but didn’t know if they would look at it strange

    If you’re a sole trader, mixing personal and business accounts is fraught with problems.

    That’s not to say you can’t do it but where it can be avoided, you should.
  • maxmycardagain
    maxmycardagain Posts: 5,747 Forumite
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    I always considered as a S/E Sole Trader all risks, losses and profits are yours, as are all costs.
    Now we all know how it felt to play in the band on the Titanic...
  • PaulL2
    PaulL2 Posts: 47 Forumite
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    Don't count anything twice. I was simply asked for my most recent yearly accounts and provided a very simple spreadsheet with innies and outies. No request for receipts and no request to speak to my accountant (I didn't have one anyway).

    My business was closed at that point so a bit different from your case. Has the Insolvency Service confirmed that you can continue with your business post-bankruptcy? Your bank accounts etc will likely close. Unlikely to affect say, a taxi driver, but I don't know the nature of your self-employment.
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