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Mike62
Starting Member
United Kingdom
31 Posts |
 Posted - 23 November 2010 : 11:07:14
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Morning all,
A couple of questions just to clarify things....
1. Between us, we earn just under our living expenses shown on our SOA, when we get a nil tax code and on paper our income goes up by X amount, this wouldn't make us eligable for an IPA would it?.
2. Once HMRC has got the nil tax code and issues a refund does it come to us as a cheque that we forward to the trustee?, and how does it work in the subsequent months until the end of the tax year?
2. We are four month into our bankruptcy, when could we expect the trustee to contact us again to reveiw our financial situation re an IPA?, he had our last 3 bank statements 6 weeks ago.
Thanks everyone, Mike
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Edited by - Mike62 on 23 November 2010 11:34:41 |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 24 November 2010 : 08:43:47
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Hi there
On bankruptcy you will change to a nil tax code, in effect this gives you the whole of your salary each month, the OR will then set up an IPO (via Moon Beaver) to collect the amount of money which represents the tax you would have normally paid, you will still receive the amount of income you had prior to the bankrupty, the IPO only collects the amount you would have ordinarily paid in tax
The refund will go direct to the OR, future months will be collected from you via Moon Beaver, until the end of the tax year
The Examiner when you initially have your telephone chat usually indicates whether or not they may be looking at collecting an IPO (ie if a surplus income is evident from your statement of affairs ) If you were not informed that an IPO may be likely, the chances are after this length of time you will not be getting one!
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
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A few more questions.
