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dazed and confused
Junior Member
United Kingdom
475 Posts |
 Posted - 04 August 2008 : 22:43:59
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Dear Forum
What is a Zero Tax Code and how does it work? Does the Tax go to the OR instead or does the BR person get it?
Does everyone who goes BR get a Zero Tax Code? |
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BankruptC
Senior Member
1030 Posts |
Posted - 04 August 2008 : 22:48:35
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Hi again Dazed and Confused.
As far as I'm aware yes, everyone gets a nil tax code. It goes to your creditors (via your OR I think!) tfor the year of your bankruptcy.
I
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 04 August 2008 : 22:55:15
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| Ok thanks Ian! |
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369
Junior Member
366 Posts |
Posted - 05 August 2008 : 12:06:57
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Hello,
I was made bankrupt in Nov 07, and I have not had a NIL tax code, i have been on 543L the whole time.
I am not in a BRO/BRu, IPO/IPA......
Should i be on a NIL tax code then? |
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BankruptC
Senior Member
1030 Posts |
Posted - 05 August 2008 : 12:17:19
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Hi 369,
I'm no expert but thought that everyone who worked was put on a nil tax code for the remainder of the tax year during which they were made bankrupt. The money is then used to pay credtors.
As I said, I'm not an expert at all, and there may be some crcumstances where this doesn't happen. I'm sure an expert will be along soon to clarify.
CG |
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zoe
Junior Member
329 Posts |
Posted - 05 August 2008 : 12:47:08
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Hi there
I never had one - i was made br in June 07, the tax officec obviously didn't pull their finger out - so never applied mine, however most people will get one if in tax office notified in time before the financial year ends. |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 05 August 2008 : 13:05:30
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Hi all
The OR should put all who are PAYE on a nil tax code. This way the IR do not get the tax on income but it is paid to the bankrupt on the understanding a fixed amount is paid to the OR or collecting agent for the remainder of the tax year.
I wouldn't worry if you didn't get the nil tax, this will usually be sorted out at the end of the tax year between the IR and OR. Also some of the admin staff at the OR can make mistakes and not send the form off to the IR, so it doesn't get done.
If it is too close to the end of the tax year they would not implement one as the gain is not worth the costs of admin.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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rachel.g
Junior Member
173 Posts |
Posted - 06 August 2008 : 15:25:20
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| Hi, I am in the middle of being put on the NT nil tax code. I have been contacted by a collector who wants the £130 I declared I paid in tax per month on my BR paperwork, but since then my hours have been reduced and I only pay £40 a month in tax, the IR have been informed and are supposed to be informing my employer, but my tax code has not yet changed, and I only need to make payments once it has, but first I need to sort out the amount I will be paying as there is obviously a big difference between £130 and £40!!!Plus will they make me pay it as my income has fallen dramatically, so have no surplus monies as I still have my bills and rent as declared when I went to court...all very confusing!! |
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rollercoaster
Junior Member
United Kingdom
327 Posts |
Posted - 06 August 2008 : 17:37:26
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| As we are declaring my husbands earnings with average overtime, how does his tax coding work. I know that the amount we have put is not going to happen as no overtime available for a fair few months. Does the OR change it up and down or do they go by basic pay then chase the difference as and when? |
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Trolly-Dolly
Average Member
591 Posts |
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rollercoaster
Junior Member
United Kingdom
327 Posts |
Posted - 07 August 2008 : 08:32:29
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| bump |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 07 August 2008 : 08:55:38
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Hi me too!
Rollercoaster what does BUMP mean?
Thanks
Jo
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!" |
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pix1
Average Member
689 Posts |
Posted - 07 August 2008 : 15:11:48
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josilver...,
BUMP means Bankruptcy Undertaking Monetary Payroll
No, not really. |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 08 August 2008 : 01:36:53
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Hi Jo,
BUMP means:
Bloody unpaid monthly payments.
No, not really
And I say it is my lifes mission to help people?
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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Zero Tax Code...
