| T O P I C R E V I E W |
| davelvg |
Posted - 08 May 2009 : 17:13:12
we are filing for bankruptcy in three weeks time.i work for a major retail company and my wife works in a care home. will the OR inform our employers of our BR |
| 5 L A T E S T R E P L I E S (Newest First) |
| gettingoutofdebt |
Posted - 09 May 2009 : 09:54:12
If you declare BR close to the end of the tax year then you won't get a NT tax code but if it is at the beginning/middle of the tax year then the OR claims the tax to pay your creditors. If you don't get a NT tax code then you don't have to make this payment up.
I am not too sure why there isn't a standard length of time that everyone should have a NT code (i.e. for the 1st year of BR regardless of when you declare) but there must be some sort of agreement between the OR/Courts and HMRC. |
| ripski |
Posted - 09 May 2009 : 05:30:52
?tax, Not relevant to myself as I have already gone BR in March Question/info for a friend and interest.
Why does tax code go to nil. Do you pay no tax for the rest of the year and is this so you have more money to repay debts in IPA.If this is the case and you pay no tax then do you have to make this up in follwing yrs ?
ripski1 |
| davelvg |
Posted - 09 May 2009 : 05:20:20
Thankyou for your replies they really help. |
| gettingoutofdebt |
Posted - 08 May 2009 : 23:35:32
Although you will receive a 'NT'tax code your HR dept will not question you about this. If they do you should refer them to HMRC as they are the one's that decide you tax code and are not allowed to give out information regarding tax codes. |
| Niobe |
Posted - 08 May 2009 : 18:56:25
Your payroll department will know that something is going on, as you will be given a nil tax code for the rest of the tax year.
Other than that I don't think they will be told.
The glimmer gets brighter all the time
Jan
xx |
