If am self employed. If i went Bankrupt in September would I still have to pay any Tax owing from the last tax year being April 07 to April 08. I usally fill in my self assesment form in September for the previous tax year, would any any tax owed be included in my bankruptcy. Although this would not normally be due until Jan09 and then July09, this is tax on money I earned prior to bankrupcty, so would this be included in my bankrupcty.
I have read during bankrupcty any tax owed goes to the OR, but what about prior to bankruptcy?
i became bankrupt in may 2008, as far as i am aware any tax/(most) debts owed before the date you go bump is included in the bankruptcy. i.e., if you went in september 2008 then all tax owed up to 2007/2008 would be included (and perhaps some of the year for 2008/09 - which you are in now - but i'm not sure how the admin works) the OR requests info from the IR for the purposes of income tax and you will get a new tax code - and any tax owed is collected by the OR - once you go bankrupt of course.
All tax owing prior to the Bankruptcy date will be included in the Bankruptcy.
You should continue to make your SA returns so that the revenue can make their claim via the Bankruptcy and the OR will be able to establish a better under standing of the financials involved in your business as well as "antp" points out establish any possible payment to be made via a 310 IPA when your tax code changes to NT.
Tax year prior to bankrupcty
Posted - 05 August 2008 : 20:51:20
