|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
| Author |
 Topic  |
|
|
kissinger
Starting Member
8 Posts |
 Posted - 16 June 2012 : 19:48:13
|
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! |
|
|
year 2029
Average Member
590 Posts |
Posted - 19 June 2012 : 13:18:09
|
Hi Kissinger,
As it asks for 'at present'. I would personally put down the details you have for the last 12 months.
The OR/Trustee will send a financial questionnaire out to you after you declare BR.
I converted what they sent to me on to a simple spreadsheet, and annotated changes that may or may not occur.
They were happy with this, and it also meant that I was able to do it all by email, and any changes were easy to implement.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
 |
|
| |
Topic |
|
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
|
|
|
|
|
 |
|
|
|
|
|
Question about how to answer the question about tax on my SOA for bankruptcy
