| Author |
 Topic  |
|
|
Most worried
New Member
77 Posts |
 Posted - 06 October 2010 : 08:34:36
|
Hi everyone
Fair few mnths into my BR and very quiet, no letters or calls.
I have had the Moonbeever letter about nil tax code and I have sent in 3 last payslips.Got letter back from them thanking me and saying as the nil tax code hasnt been implemented yet, send the next payslip when it has.
In the OR letter it sais Ill have to pay the tax money to Moonbeever until the tax year ends....so Im a bit confused...its October and I think the nil tax code MIGHT show in Octobers payslip.
So Ill be putting aside this tax money for Moonbeever....until the end of the tax year....so until Dec? or Jan?
Any ideas here.....??
Will I be sendig Moonbeever the extra money in my wage / due to the nil tax code...for Oct,Nov and Dec.....or how long for??
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 06 October 2010 : 08:40:54
|
Hi
Assuming that they do change the tax code for you this will happen until the end of March .
If the code does change don't spend it as Moonbeever will pursue you for it at some time
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
 |
|
|
Most worried
New Member
77 Posts |
Posted - 06 October 2010 : 08:55:29
|
Wow Paul...youre up early :)
Thanks for your reply. May I ask another question:
Naturally I know I will need to keep the additional moneys and I have arranged for a second Coop cashminder account to transfer this to.
For how long am I required to keep this money in anticipation of Moonbeever...?
And surely my tax code should change to NIL sooner rather tha later...isnt this in their best interest..!? What happens if my payslips still dont show the NIL tax code by March ??
:) |
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 06 October 2010 : 09:22:16
|
Hi
If the payslip doesn;t change then it doesn;t need to be paid over.
Sometimes Moonbeever don't collect, forget to collect, overlook etc and sometimes the OR don't change the tax code for the same reasons. If you want to make it happen give the oR a gentle nudge.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
|
|
|
Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 06 October 2010 : 11:15:50
|
If your tax code isn't changed until later, or doesn't get changed at all,you will pay income tax as normal. So what usually happens, is that HMRC at the end of the tax year will then make a tax refund, but instead of going to the treasury, it goes to the OR, for them to pay into the bankruptcy estate.
I'm presuming that you signed a TNIDIS(tax & NI disclosure) when you were interviewed. This is the document that the OR sends to HMRC, so that if there are any refunds due, or amounts to be claimed in bankruptcy, HMRC know where it needs to go.
Big Al |
|
|
|
Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 06 October 2010 : 11:16:55
|
Correction, instead of the tax refund going to you, it goes to the OR!
Big Al |
|
|
|
Most worried
New Member
77 Posts |
Posted - 06 October 2010 : 12:58:13
|
Hi all
Thanks for your responses.
Yes, Ive signed the NIL tax code letter from the OR..so Ill just have to wait and keep checking my payslips. As soon as I see no tax on it and my wage rises by the tax amount, Ill keep this money safe and wait until someone gives me instructions to where and who to pay etc.
Thanks again everyone! :) |
|
|
| |
Topic |
|
Moonbeever question
