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Posted: Tue Jan 27, 2009 10:59 am
by jss
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.
Posted: Tue Jan 27, 2009 1:39 pm
by kallis3
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.
Posted: Tue Jan 27, 2009 1:46 pm
by Adam Davies
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
Posted: Tue Jan 27, 2009 5:05 pm
by jss
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.
Posted: Tue Jan 27, 2009 11:26 pm
by MelanieGiles
The tax due for fiscal year 2007/2008 forms a claim in the bankruptcy.
Posted: Wed Jan 28, 2009 12:14 am
by jss
Hi Melanie, I don't quite follow, could you elaborate a little please, thank you
Posted: Wed Jan 28, 2009 1:13 am
by MelanieGiles
The debt due to HMRC is a debt in the bankruptcy, and you will not have to pay it separately.