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paul63
Starting Member
10 Posts |
 Posted - 31 March 2010 : 17:09:01
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| Hi finally took the step on 26/02/10,have had half hour telephone interview with OR. Seemed to go well but on reflection i think I havent done myself any favours. I'm self employed in the very iffy world of tv & film and gave OR my income as an average over the last 6 months prior to BR accounting for tax.(Have been told I should of done an average of the last 12 months) This gave an artificially high average of 2430/mth of which the OR has set expenditure as 1857 and ipa of 379/mth. Since BR my earnings have been around 2500 before tax and business expenses leaving me significantly less disposable than the OR suggests. Have tried to explain that anything I earned previously bears no resemblance to what I'm actually earning now due to the terrible state of the industry since the recession hit, but OR doesn't seem to have taken it on board and is insisting on the original deal. Should I go along with it for a while then appeal after I do some quarterly accounts. Don;t want to rock the boat as they seem to be leaving me with my pick- up so I can carry on traveling and earning. But unless my earnings significantly increase my ability to set aside my tax & ni liabilities will be at risk , which is what got me to BR in the first place. Any suggestions? |
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Raph
Starting Member
United Kingdom
5 Posts |
Posted - 01 April 2010 : 16:13:01
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Knowledge is power, and fortunately an asset that isn't removed from you in bankruptcy!
The OR is manipulating your lack of knowledge. You need to seek representation.
The IPA is based upon a FAIR income and a fair outlay of your expenses. If he is using an unfair version of this, then he should allow ammendment. Seek representation and this problem will dissapear like Houdini.
Best of luck!
Regards
Raphael Gilbert
**Contact details removed - ADVERTISING IS NOT ALLOWED ON THE FORUM** |
Edited by - Skippy on 01 April 2010 16:17:53 |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 01 April 2010 : 16:48:44
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Hi paul
The one thing you mustn't do is fall into arrears with your post bankruptcy liability to HMRC.
I would suggest you contact the OR, explain the problems of estimating your income as you have in the post, and seek a revision of the IPA.
Unless your pick up has an excessive value you should be able to keep it anyway if you need it for your work |
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paul63
Starting Member
10 Posts |
Posted - 01 April 2010 : 20:39:12
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quote:
Originally posted by paul63
Hi finally took the step on 26/02/10,have had half hour telephone interview with OR. Seemed to go well but on reflection i think I havent done myself any favours. I'm self employed in the very iffy world of tv & film and gave OR my income as an average over the last 6 months prior to BR accounting for tax.(Have been told I should of done an average of the last 12 months) This gave an artificially high average of 2430/mth of which the OR has set expenditure as 1857 and ipa of 379/mth. Since BR my earnings have been around 2500 before tax and business expenses leaving me significantly less disposable than the OR suggests. Have tried to explain that anything I earned previously bears no resemblance to what I'm actually earning now due to the terrible state of the industry since the recession hit, but OR doesn't seem to have taken it on board and is insisting on the original deal. Should I go along with it for a while then appeal after I do some quarterly accounts. Don;t want to rock the boat as they seem to be leaving me with my pick- up so I can carry on traveling and earning. But unless my earnings significantly increase my ability to set aside my tax & ni liabilities will be at risk , which is what got me to BR in the first place. Any suggestions?
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paul63
Starting Member
10 Posts |
Posted - 01 April 2010 : 21:24:42
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quote:
Originally posted by Bridgewood
Hi paul
The one thing you mustn't do is fall into arrears with your post bankruptcy liability to HMRC.
I would suggest you contact the OR, explain the problems of estimating your income as you have in the post, and seek a revision of the IPA.
Unless your pick up has an excessive value you should be able to keep it anyway if you need it for your work
Thanks for your suggestions. I've already appealed against the IPA figure, the OR ommitted to allow about £90 worth of allowances, I've also explained my income situation since BR to her. Unfortunately I've lost a few clients since BR reducing my income by half.
Along with my revised expenditure declaration I submitted invoices for work since BR which amounts to about 2400/mth before tax,NI and business expenses, my agreed expenditure is 1857/mth , and my IPA is now set at 379/mth. OR seems to think my income is post tax/ni and wont take into consideration the invoices I've supplied.
I've now prepared accounting records for the last 2 years and am sending them in as further evidence of income.
Just to say, I was suprised at the short length of my OR interview, 25 minutes on the phone, much less stressfull at the time than a face to face but more hassle now though.
The interviewer had already "forgotten" about one interview until I called to remind her, and the subsequent call was hastily arranged around her other clients. Maybe I've got off on the wrong foot and she is making me sweat.
I think further professional advice is in order. Still, I'm sleeping better!!!
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Hi finally took the step on 26/02/10,
