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pleasehelpme22
Junior Member
222 Posts |
 Posted - 22 June 2008 : 10:02:22
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Hi all
My fiance and i both have our BR hearing this tuesday , i dont work as im a sahm but my fiance does work full time , we were just wondering what happens tax wise, as im sure we read somewhere that my fiances Tax will be stopped for a year? How does this work?
I know we wont recieve the tax money but just wondering where is goes so to speak?
When will Fiance start paying it again etc
Any advice much appreciated
Thnak you
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Trolly-Dolly
Average Member
591 Posts |
Posted - 22 June 2008 : 10:12:04
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Hello,
We are very new to this, but I think once the tax code has reset to NIL/BR you are then responsible for paying your contributions to the OR/IP, how you work it out acurately I dont know. This would continue until April 5th 2009 only. |
Edited by - Trolly-Dolly on 22 June 2008 10:42:57 |
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pleasehelpme22
Junior Member
222 Posts |
Posted - 22 June 2008 : 10:26:28
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Hi drowning mummy ,
This could get confusing, i mean how do you work it out i thought they would just take it direct from your wages like tax would be... thats why they contact your employer?
Tanya |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 22 June 2008 : 10:42:05
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Maybe the OR/IP will give you a simple formula to use every month. I hope so!
Not sure if they phone work and say "XXXXX has gone BR", think its more of a case, of Tax office sending new tax code through to payroll debt, if they pick up on it, Pants! If not then great, no one need no. |
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pleasehelpme22
Junior Member
222 Posts |
Posted - 22 June 2008 : 10:48:46
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| thanks for that, my fiance has been upfront with his work and told them his plans to go BR and he would rather them hear from him than read about it etc - as they may see the paper when its advertised!! We also told our landlord about it so all in all as embarrasing as it is we have told the people that the OR could contact . |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 22 June 2008 : 11:08:54
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Hi Tanya,
As you don't pay tax for the financial year, the OR will put you on a NT tax code. This effectively increases your disposable income for an IPA/IPO.
I had a client recently where the OR just asked for an IPA for 12 months, and it was just for the tax he would have paid, so was no worse off.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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pleasehelpme22
Junior Member
222 Posts |
Posted - 22 June 2008 : 11:53:11
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Thanks Julian, thats helped us understand a bit more
Tanya |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 22 June 2008 : 12:28:30
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Hi Tanya,
Delighted I could help.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Topic |
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A tax question
