have held this post for 9 years inland revenue said i had other earnings which was proved wrong was made bankrupt june 20 2005 which ended 20 june 2006 do i pay income tax during this period
2007-02-12 08:32:07 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
no you don't pay income tax while your bankrupt.
2007-02-12 08:36:09 · answer #1 · answered by Jazzybee 3 · 0⤊ 1⤋
Bankruptcy only wipes out debts up to bankruptcy. For the year you were bankrupt you are liable for income tax, since this is not wiped out by the OR.
2007-02-12 08:36:39 · answer #2 · answered by Kim E 1 · 0⤊ 0⤋
If you were working then yes you have to pay income tax.Try the citizens Advice they will give you solid advice & Good Luck
2007-02-15 07:06:30 · answer #3 · answered by Ollie 7 · 0⤊ 0⤋
Of course you pay tax on your earnings,bankruptcy doesn't make any difference.
How did you manage to allow yourself to be made bankrupt? I suspect you ignored HMRC correspondence.
2007-02-12 09:15:12 · answer #4 · answered by Do not trust low score answerers 7 · 0⤊ 1⤋