Hi all this is all new to me. my husband and i are considering bankruptcy and i have learned alot form this forum. i have noticed that a few posts have mentioned that your tax code changes to nt . can someone explain what this is and what implications it has on your salary.
also i am a district nurse who has a lease car for work the payment is directly taken from my salary before my wage is paid. i have over 18 months left on the lease. will this be allowed in bankruptcy as i need a very reliable car as i work nights, do a lot of miles and cover some very dodgy parts of a big city
That is when your normal tax code changes from say your current of 605L to NT (NO TAX) for the end of the financial year.
This tends to be only implemented when there is enough time to set it up as it can take a few months, so anyone going BR now may not get one.
If you do then the extra money that you get in your wage packet will go over to a collecting agent which is now Moonbeever, they will take a set amount from you as agreed with you and the OR via an NT Code IPA until the end of the current financial year 31/3/09.
As for the lease and your car i cant help you on that one, it may be down to the OR themselves or even the lease company.
Hope that helps.
Jo x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called: Needafriend's Info on Bankruptcy :-) http://debtfreejo.blogs.bankruptcyhelp.org.uk/ Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
Edited by - Needafriend on 02 January 2009 11:35:49
tax code
Posted - 02 January 2009 : 10:54:31
