Everyone who is on a L tax code with be better off this month as the personal allowance changes. We will all get a lump sum of 60.00 this month and then an extra 10.00 per month for the next 6 months.
Is this correct? I went bankrupt on the 15th August, OR interview on the 18th September... will they want this £60 from me?
I haven't had my OR interview as yet... not until the 18th September. How long does it normally take for a Nil tax code to start? This £60 will go on my September wages so would I be able to keep this?
The NT tax code only lasts for the financial year, so would have expired on 31/03 anyway. If you are PAYE, it is standard practice to go on a NT tax code with a view to increasing your disposable income for an IPA/IPO. If you haven't, I wouldn't worry!
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
Well I was on an L tax code till I recieved another tax code on Saturday now it is 298T so it looks as though I'll not get the 60 pound refund, I have always had a funny tax code due to company car and private health care it was always L now it's T the accountant at work is trying to sort it out, maybe he should leave it as I'm going BR next week,can't be bothered with anymore hassle.
Hi I am confused about this too. Hubby & I hoping to go BR very soon and both pay tax. If we go on an NT code we would receive the extra money, which doesn't seem right. We won't have any DI, but the extra money would gve us one so I presume an IPA would be set up to collect that? If the NT code is only for the rest of the financial year, can an IPA be set up for only that short time?
the purpose of the NT tax code is to increase your DI for an IPA/IPO.
I had a client recently who didn't have a DI, but did once he went NT. The OR asked for an IPA for only 12 months and that was just for the tax he would have paid, so the net effect to him was zero.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
I went BR in early August and had my OR meeting a week later.
It was agreed that I have no DI, but must get a NT code for the remainder of the financial year. The tax would then be paid (by DD) to their collection company.
The paperwork arrived shortly after, and I will find out if I'm on the NT code when I get paid on Friday.
Just hope they don't try and give me a 3-year IPA for the tax amount lol.
Hi Julian You say tax code and money back for the 12 months as it is sort of an IPA but if your Nil tax code is only effective for 6 months till the end of the financial year then that would be it. Other wise your code would resort back in the new financial year and you would be say 200 or 300 down per month. Or can the OR back date the tax and claim back from the tax office for the whole year. Any advice please
Tax Code - Refund!!!
Posted - 01 September 2008 : 11:11:03
