Can you advise me please. I went BR in May and have been employed on paye since March. I was previously self employed and wondered if I am supposed to submit figures to my Accountant as normal(who doesn't yet know of my BR) and what happens re any tax that I am due to pay in January 09? Have just been put on an NT code until April 09. I didn't mentioned this on my SOA as I didn't think of them as a creditor as such???
Technicall, you will need to put a tax return in for 2007/2008 by 31 January 2009 and if you employ an accountant to do this for you then they will need your records.
Any subsequent tax liability calculated forms a claim in the bankruptcy. If you do not put the return in, the the liability will be assessed, but if you are already bankruptcy then this may be of little concern to you. If you are on an NT code now, you have to pay over all tax and NI which would normally be deducted by your employer to the Trustee.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
Tax from Self Employment
Posted - 11 July 2008 : 19:01:06
