hello, i've found a few references on the web to this but nothing clear cut and simple to understand.
I was declared insolvent in May 2008, i am self employed and still trading, I understand (i think) that the OR deals with the tax affairs during my bankruptcy, or at least finds out from HMRC details of past tax affairs etc. My questions are:
1) If i was made BR in May 2008, the current year for self employment would be 2007/2008 or would it be 2008/2009 (this year)?
2) when and how would I be expected to complete a tax return, would this be forwarded to the OR or HMRC?(i ask this as i am now locked out of the self assessment online website for the purposes of filling it in although I can log in easily enough)
3) if the 2007/2008 tax self assessment is due anytime up to 31/01/2009 (as I haven't done it yet) would it be in my interests to get it done quickly in the interests of possible early discharge?
The current fiscal year is 2008/2009. During this year the tax due on your earnings is payable to the OR for the benefit of your creditors rather than to HMRC. The early filing of your tax return will have no effect on you being granted early discharge.
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
Edited by - melanie_giles on 19 July 2008 11:21:22
HMRC give Self Assessment taxpayers 9 months from the end of the tax year to file their return ie. by the 31 January of the following year. You can file your return as soon as HMRC issue them; typically in late April early May after the end of the tax year. So your 'current' tax return will relate to the 2007/2008 tax year. This is about you before you went BR. The 2008/2009 tax return will be the one that relates to our period of BR, and probably part of the 2009/2010 as well as your period of BR might run into the next tax year. I was told to complete my tax returns as normal.
self assessment & tax during Bankruptcy
Posted - 18 July 2008 : 23:44:20
