Notifications
Clear all
Scottish Trust Deed Forum
4
Posts
4
Users
0
Reactions
1,188
Views
Topic starter
12/12/2013 6:58 pm
Hi
Question for the experts: I was reading through some old posts(in fact Ive went right back to the beginning of the forum) and I Have the same scenario of a previous poster. I had an outstanding tax bill whilst self employed which was included in TD, but I also had my tax code changed this year to collect tax that was underpaid 2012. My way of reading the post is this still should have been included in TD and my tax code adjusted back to what it was.
Can anyone shed some light on this. I will speak to my TD tomorrow but any info will be great.
Louise
13/12/2013 9:56 am
Hi luby.
It's my understanding that tax debts at the point of signing should be included amongst the creditors of a trust deed.
I'm not sure what the practicalities are where that tax is being collected back via your tax code and salary.
Hopefully one of our experts can explain...
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
13/12/2013 12:10 pm
Hi luby
The easiest way to look at things would be that any debt owed as at the date of the signing of the Trust Deed will rank as a claim in the Trust Deed. There are some exceptions ie court fines, student loans but tax will rank as an ordinary creditor like any other debts.
HMRC are particularly good to deal with in Trust Deeds strangely enough. People tend to think they take a hard line, especially VAT, but in my experience they have always been very good to deal with.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
13/12/2013 1:35 pm
Hi luby,
If your tax code hasn't be adjusted to take account of the debt being included into the Trust Deed then you will need to give HMRC a call to discuss this and also for them to amend your tax code.
As Mark has said, HMRC are normally very good to deal with from our side of things.
David is not currently posting in the Trust-Deed.co.uk forum
