We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Question about effect of self-employed earnings on bankruptcy
chickpeaz
Posts: 22 Forumite
On the budget I originally prepared from this forum and from Business Debtline, I included my current monthly total from self employment which is -£48 and this was deducted from my total income amount. However when I came to fill in the bankruptcy application online, it asked me to enter the amount from my last tax return which was a loss of -£38 per month.
Then in my interview I was surprised when the OR said the loss from my self-employment couldn't be offset against the total income, which meant my total income was higher than I had originally shown. It still showed a minus figure though, so I haven't been given an IPA/IPO.
In the interview I asked the OR about submitting my tax return in January for 2017-18 and what effect this would have on my bankruptcy, but she just said 'submit it as normal'. Can anyone tell me if this is likely to trigger an IPA/IPO if I am showing a profit, or what other effect it could have? My self-employed income in 2017-18 was higher than normal (basically because I was technically supposed to be an employee at a previous job but it took them ages to get me put on the payroll).
Then in my interview I was surprised when the OR said the loss from my self-employment couldn't be offset against the total income, which meant my total income was higher than I had originally shown. It still showed a minus figure though, so I haven't been given an IPA/IPO.
In the interview I asked the OR about submitting my tax return in January for 2017-18 and what effect this would have on my bankruptcy, but she just said 'submit it as normal'. Can anyone tell me if this is likely to trigger an IPA/IPO if I am showing a profit, or what other effect it could have? My self-employed income in 2017-18 was higher than normal (basically because I was technically supposed to be an employee at a previous job but it took them ages to get me put on the payroll).
0
Comments
-
well no matter how long it took the employer to make you a PAYE employee your start/finish dates on your contract would confirm it as would you P45/P60...and your payslips...0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.7K Work, Benefits & Business
- 603.1K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards