I’m now three weeks away from booking my BR appointment. The IVA has failed and I’m now in possession of the Fail notice. Ive given notice to quit my present job and from before I go BR I will be self employed with a fixed income...although the tax liabilities will only be known at the end of the year. Is there any difference in procedure for self employed people going BR?
Not in the actual going bankrupt. Once you are bankrupt you need to tell HMRC so that they start counting your tax from the bankruptcy date (in your case wont really matter much as your start date is close to the bankruptcy). You need to make sure you save your tax as you go along, and you will need to keep accounts as you go to show to the OR
Self employed tax is not paid into the IPA, You still need to collect it as per usual for HMRC. The OR calculates disposable income on the net (after tax) income
Self employed BR
Posted - 25 July 2010 : 14:58:30
