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Scottish Trust Deed Forum
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Topic starter
17/03/2012 8:29 pm
I am applying for a Trust Deed. I am permanently employed, but am also registered as self employed, even though I hardly sell anything and it is through ebay. I had to register as self employed to sell there.
I was told that it is only my main wage that will be taken into consideration in applying for a Trust Deed, is that correct?
What if in the future my permanent job changes, ie, I get made redundant, or my wages are reduced. Will the amount I pay be the same, or would it normally be reduced?
17/03/2012 8:36 pm
Hi Chris
No, that advice is wrong. The trust deed will take account of all income and all expenditure.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
17/03/2012 8:50 pm
Is that even if I only sell the odd item on ebay, somtimes?
17/03/2012 9:51 pm
Hi Chris
It depends on the level of income. If it is odds & sods, it will have no effect, however if it is regular income then it will need to be taken into account.
I'm not sure why you would need to be registered as self employed on eBay if it was the odd thing now and again.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
17/03/2012 11:00 pm
Hi chris.
I think there is a big difference between selling the odd unwanted thing on eBay and actually trading (buying stuff specifically to sell). Trading in that way would likely be seen as an income source by a trustee in the same way HMRC would see it.
Your trust deed payment may increase or reduce if your circumstances changed in the future. However, in some situations a reduction might lead to an extension of the term.
Are you currently concerned about redundancy?
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