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T O P I C R E V I E W
debtrider
Posted - 24 September 2009 : 13:29:02 I am self employed and just about to fill my self-assessment tax return for 2008/09 and I am a little confused as to how much I will have to pay and to whom.
I went bankrupt on 20th October 2008 so I am filling in my tax return April 6th 2008 to April 2009.
From what date will I be liable to pay any tax, will it be from any income earned from 21st October onwards and to whom will this be payable.
If I have to pay the OR will I still be entitled to the personnel allowance on the first £6475 earned? So for instance if my profit was £10000 would I still only be liable to pay tax on £3525.
The Inland Revenue used to send me a bill every few months for my national insurance contributions, and I have not received anything since going bankrupt last year, is this normal.
I hope all this doesn’t sound too complicated as I am a little confused about it all at the moment.
Debtrider
1 L A T E S T R E P L I E S (Newest First)
Suzanne
Posted - 25 September 2009 : 11:32:47 Hi debtrider
You will be liable for tax from 21 October 2008.
This is paid to the Inland Revenue.
You will still be able to claim your personal allowance.
I'm not totally sure about the NI contributions, but you probably need to set that arrangement up with them again.
