I am going to be filing for bankruptcy, will i still be required to pay back the overpayments? If not, how will this affect any claim for tax credits in the future?
2007-02-18 10:31:07 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
I think so as it's to the government
As for going bankrupt, I was declared last Summer and it's like the biggest weight ever off your shoulders.
You are welcome to email me if you need any advice with it.
2007-02-18 10:34:31 · answer #1 · answered by Elle J Morgan 6 · 0⤊ 0⤋
If you are declared bankrupt, inform the Tax Credit Helpline on 0845 300 3900, they will notify the Tax Credit Office and Debt Recovery to have any recovery of overpayment suspended until they have assessed your case.
2007-02-19 10:25:47 · answer #2 · answered by hotguy18 2 · 0⤊ 0⤋
well i am in the same shoes concerning over payment i am in court Thursday coming, i owe the over £2000 pounds i have only £1000 pounds to my name, they will ask you to pay the money they don't care if you have no money, the courts look into your fiances and what capital you hold, i may have to sell quite a few things to get this money, i am hoping to arrange a small fee once i pay back the £1000 i don't have that kind of money, i am so scared because they could fine me and make it more money, your not the only one in the same boat there are 1000s of people because they can't add up they will ask you to pay one way or the other, regardless if you seeking bankruptcy because someone has already tried that one, i am adding my web site as well hoping to win the money as well
http://www.e-vwd.com/vwd2006
2007-02-18 10:40:39 · answer #3 · answered by vwd2007 2 · 0⤊ 0⤋
Bankrupcy does not take away the obligation to pay back taxes due, so yes you have to pay them.
If your EIC was disallowed, then you can be prohibited from claiming EIC for up to 10 years depending on the circumstances.
2007-02-18 10:42:00 · answer #4 · answered by Judy 7 · 0⤊ 0⤋