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T O P I C R E V I E W
dr_kitten
Posted - 14 September 2008 : 22:24:46 If I understand this correctly...
When I go BR, HMRC apply a NT code so I don't pay PAYE tax. This means I take home more per month, so that is taken with an IPA.
At the end of the tax year, I still owe HMRC the tax though...? How do I pay it if I haven't been able to save it from my monthly salary? This has really confused me!
2 L A T E S T R E P L I E S (Newest First)
JulianDonnelly
Posted - 15 September 2008 : 04:49:23 Hi Dr Kitten and welcome to the forum.
As John rightly says, if you are on a NT tax code, then there is no liability to HMRC for that period.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
John
Posted - 14 September 2008 : 23:49:30 Hi at the end of the period of an NT based IPA you do not owe HMRC anything. Not from the period of the NT IPA nor from before that as any debts owed to HMRC accrued prior to BR are written off.
