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Self employed accounts are due.

It's that time of year again which all self employed and sole traders hate and accountants rejoice. Yes, it's the end of tax year and our accounts are due.

For the past week I have been sorting through all my paperwork and printing off invoices and wondering how long I have before my accountant phones to hurry me on.  The one thing I have learnt is there no point putting if off, we all accept we have to pay our tax.  If you decide not to submit accounts you will be fined and if you can not afford to pay your tax bill you could be taken to court and made bankrupt.

If you enter into bankruptcy the cost is rising.

If you are currently considering entering into bankruptcy, you will be aware that when you submit your application for bankruptcy you have to pay £100 to the Accountant in Bankruptcy (AIB).

Everyone is Scotland who wishes to become bankrupt has to pay this fee and there are no exemptions.  From the 1st June 2012 this fee is increasing to £200 again with no exemptions.

For help and advice on bankruptcy phone us today.

 

 

It’s time to give your money a summer workout

At this time of year we are all planning our holidays and getting into shape for the beach.  However, now is also the right time to give your finances a workout.

It is easy to take our eye of our finances and let our care free holiday mood carry over into every aspect of our life.  Look at your money situation and see what can be done to improve it so you can enjoy even more cocktails on the beach.

What is the maximum I will pay back under a Bankruptcy or Trust Deed in Scotland?

There is no maximum or minimum amount payable under either a bankruptcy or Trust Deed in Scotland.  Under both schemes a full financial statement is done to find out the amount of income and expenditure you have.  This is normally done on a monthly basis.  The amount you have left after you pay your reasonable living costs is the amount you will pay each month to your Bankruptcy or Trust Deed.

Help, I cant afford my credit card monthly payments.

This is a common problem.  If you are struggling with your credit card monthly repayments you can try to save money by:

 

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