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| T O P I C R E V I E W |
| Malcolm5 |
Posted - 13 January 2010 : 14:49:38
when you go bankrupt can you get nat insurance and income tax reduced |
| 3 L A T E S T R E P L I E S (Newest First) |
| debtinfo |
Posted - 13 January 2010 : 17:55:17
just wanted to add (and please dont get your hopes up) that in theory you can apply to keep the tax amount that you would be paying to the OR if you have a large shortfall in your income, although i have never seen a successfull case, im not sure if anyone else has |
| Niobe |
Posted - 13 January 2010 : 16:22:46
If you go bankrupt in the last couple of months before the end of the tax year, you will not get a nil code for income tax, and will carry on as normal paying tax.
National Insurance, as far as I am aware, is not reduced.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
xx |
| Richard P |
Posted - 13 January 2010 : 15:23:42
Hi Malcolm
welcome to the forum,
I am not a Tax advisor but as i understand from your question, this is my response
Nat Ins is at a set level for employed people and worked out slightly diffferent for self employed, it is income related, so it will not be reduced.
in relation to the income tax for the financial year that you declare BR you are placed on a no tax reference .. ....... however before you get excited and think that you have the extra tax available to spend a company called moon beaver are appointed to collect the money that would have been allocated to HMRC to give to the official receivers office, so again the answer is NO.
Tax arrears can be included in bankruptcy
good luck on the path ahead
regards Richard |
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