Hello, I was self-employed from July 2007

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jss

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Post by jss » Tue Jan 27, 2009 10:59 am
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Hello, I was self-employed from July 2007 to currently & became bankrupt on 2nd April 2008. My accounts show profit for 2007-2008, so does it mean I would have to pay TAX/NI for 07/08 or not? Thank you in advance.
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kallis3

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Post by kallis3 » Tue Jan 27, 2009 1:39 pm
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Can't help you with the answer, but I'll bump this back up to the top so one of the professional experts can see it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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Adam Davies

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Post by Adam Davies » Tue Jan 27, 2009 1:46 pm
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Hi
I think the answer is Yes, but the liability will fall into your bankruptcy.
Mel or David will be better placed to confirm this
Regards
Andam Davies
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jss

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Post by jss » Tue Jan 27, 2009 5:05 pm
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Thank you for replies. What confused me is when they said you wouldn't have to pay tax, didn't explain for what period, I guess I assumed that I wouldn't have to pay.
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MelanieGiles

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Post by MelanieGiles » Tue Jan 27, 2009 11:26 pm
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The tax due for fiscal year 2007/2008 forms a claim in the bankruptcy.
Regards, Melanie Giles, Insolvency Practitioner
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jss

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Post by jss » Wed Jan 28, 2009 12:14 am
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Hi Melanie, I don't quite follow, could you elaborate a little please, thank you
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MelanieGiles

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Post by MelanieGiles » Wed Jan 28, 2009 1:13 am
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The debt due to HMRC is a debt in the bankruptcy, and you will not have to pay it separately.
Regards, Melanie Giles, Insolvency Practitioner
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