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Scottish Trust Deed Forum
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Topic starter
16/01/2012 10:38 pm
Hi again,
At the time of signing my trust deed (Oct 2011) I owed about £700 to Inland Revenue which I had forgotten about, just remembered, and I did not include in the list of debts. I had been paying back through PAYE, (bill was originally £1300, from a self employed business. I made 5 payments of just over £100 in April - August)
In September I became self employed again as it offered me greater potential income, (which has proved to be correct) and therefore stopped paying the back tax in the meantime.
What would the position be with that £700? also I'm not sure what I should say to my accountant as I don't want him to get jittery that he has a client in a Trust Deed!
Thanks...
16/01/2012 10:51 pm
Hi dontdodebt
Best speak to your trustee who should be able to have this claimed back.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
16/01/2012 11:03 pm
Thanks Mark,
I will speak to the Trustee, could you tell me do Inland Revenue take any view on Trust Deeds in relation to the fact I am in a Trust Deed?
By that I mean in a years time I will have some tax to pay. Would they want to retrieve their money quicker than normal?
Thanks...
16/01/2012 11:16 pm
Hi Dontdodebt
In my experience, no. I think youll be fine re future tax etc
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
18/01/2012 8:56 pm
I spoke to the Trustee today they said they notified Inland Revenue when the Trust Deed was signed so the £700 would be covered. However, I hadn't mentioned any outstanding amount at the time of signing.
Perhaps notifying Inland Revenue is just standard practice?
18/01/2012 11:39 pm
I think it might be DontDoDebt.
On other debt forums (not specifically connected to trust deeds) I've seen talk of people noticing their tax code changing soon after they become insolvent.
Has anyone had any experience of that?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
