Hi, I would just like to say that this forum is so informative and really helps to calm the nerves, so a Big THANK YOU to you all. Down to business: My husband and I are awaiting our IVA termination notice which is taking forever but our IP agreed with us to go BR. My question is about the Nil tax, would it be best to go BR before April or to try and wait til the new tax year? My second question 'sorry' is: My parents moved to Spain 2 years ago and are letting there house in england, I have been a 3rd party signature on there joint current account and my dads first reserve account. I have been paying my mums credit card and any of there bills for there joint account and have done some transfers for them to have extra in Spain. I know that I will have to cancel being a 3rd party on the account before BR but my problem is that on my bank statments it shows transfers from their account to our joint account which I have receipts for most of the transfers to prove I paid my parents bills but there are a couple that were from my mum to help us out now and again. Will the OR want to talk to my parents??? they know that money is hard but not about the BR. I have never and would never use their account for myself without them offering.
With the NT Tax code it is up to you. If you declare BR before the new tax year then you won't get a nil tax code. If you wait until after the new tax year begins then you will get a nil tax code. A lot of people worry about their employer finding out that they are BR when they are assigned a nil tax code so it is really up to you.
The OR may contact your parents to confirm that what you are saying regarding the credit card is true but this is unlikely. As far as your bank statements are concerned it will just look like you have transferred money to another account or paying some bills. They may query what these transfers/bills are if they notice them on the bank statements but you can explain this.
a Big THANK YOU to you all.
Posted - 26 January 2010 : 19:51:03
