As self employed do I have to complete tax self assessment ?

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DdJ93

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Post by DdJ93 » Tue Aug 09, 2016 1:59 pm
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I am two years into an IVA and have a self employed income, despite the outstanding debt from my previous business, do i still have to complete self assessment for tax, as technicsally there can be no profits?
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kallis3

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Post by kallis3 » Tue Aug 09, 2016 2:09 pm
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Hi and welcome,

I would imagine that you would have to complete self assessment as you are still liable for tax.
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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Foggy

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Post by Foggy » Tue Aug 09, 2016 3:19 pm
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You will need to complete the self assessment forms as required by HMRC -- I assume the business is registered with them already.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Lisa Thomas

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Post by Lisa Thomas » Tue Aug 09, 2016 3:40 pm
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Yes regardless of whether you make a profit or not you still have to declare it, otherwise how will HMRC know you have made a loss...?

You will have been given a new tax reference number and cut off from 6th April for the year following when the IVA started.

Any claim for the period leading up to 5th April following when your IVA started will be lodged in your IVA.

I am surprised HMRC and your IP have not raised this with you already.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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