All Forums  archive  Forum Questions  Question about how to answer the question about tax on my SOA for bankruptcy

Note: You must be registered in order to post a reply.
To register, click here. Registration is FREE!

Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by kissinger[/i] [br]Question about how to answer the question about tax on my SOA for bankruptcy... Hi all, I'm in the last stages of filling out the paperwork as part of my bankruptcy and I've hit a little snag on the 'Employment and Present Income' section and in particular the part where it asks you about how much tax you pay each month. Basically what I'd like to know is how do I work that out? Do I just use the yearly figure on my last P60 and divide it by 12 to get the correct monthly amount? The only problem with that is I expect to earn slightly more this tax year than last, so if I'm using the figure from last year I might be underestimating how much tax I'll have to pay over the next 12 months, and that will mean that the expenditures I put down on my SOA will exceed my income over the next year, which is obviously not a good thing. Then again, the difference would only be around £10 per month in my case. And one last thing, the SOA also asks how much National Insurance I pay each month. My P60 says my contributions for the tax year to April 2012 was around £400, but I've just put my yearly earnings into a tax calculator for this coming year and it says I will only have to pay around £200, which is weird, because I would expect to pay more on a higher income. So which figure should I use? I know this might seem a bit pedantic on my part, but I want to make sure everything on my SOA is in order! [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.