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tim73
New Member
57 Posts |
 Posted - 07 February 2009 : 18:15:58
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| once your bankrupt do you get a different tax code and do you pay emergency tax? if so how long for? |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 07 February 2009 : 18:32:24
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You will go onto what is known as NT coding for the remainder of the tax year in which you went bankrupt
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
01446 711780
melanienicholas@jonesgiles.co.uk |
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gally
Junior Member
114 Posts |
Posted - 08 February 2009 : 09:55:06
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| your tax code changing really does not affect you it is payed to the inland revenue or the OR after br 6 months on for me STILL NO CHANGE |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 08 February 2009 : 10:20:24
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I would also add that if you go br before the end of this tax year then there will not be enough time to impliment it, which is why alot of members have waited till the new year - they would like to keep it from their employers.
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 08 February 2009 : 12:23:27
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If you get an NT code you will have to put your tax aside to pay to the OR once an IPA has been set up. If you do go BR this tax year it will also save you the hassle of having to pay your tax over to the OR yourself as they will claim it back from HMRC.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
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tim73
New Member
57 Posts |
Posted - 08 February 2009 : 12:30:40
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if you get an IPA how is this paid? is it by direct debit or any other way? thanks tim.
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 08 February 2009 : 12:52:19
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I pay mine monthly by standing order.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
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Crockett
New Member
68 Posts |
Posted - 08 February 2009 : 12:54:39
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Hi,
I had my OR interview on Weds just gone and have been given an IVA commencing 10 April 2009. The OR said that I had to either go to the local OR's office to pay over the counter, send them a postal order or as I don't have a cheque book get someone to write a cheque for me in exchange for the cash and post it to the OR's office. All a bit of a pain really, but will get my Mum to write a cheque for me and post that as working full time I won't be able to get to the office and you have to pay for a postal order. The OR said if it gets passed to Moonbeevers for collection they may have different facilities for payment but she didn't know this for sure.
Crockett |
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tim73
New Member
57 Posts |
Posted - 08 February 2009 : 12:58:13
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im due to go to sunderland county courts end of march so chances are i'll not get an NT code, is that correct as im going bankrupt before the financial year ends? thanks tim.
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Crockett
New Member
68 Posts |
Posted - 08 February 2009 : 12:59:59
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| I went bankrupt on 21 Jan and the OR didn't mention anything about a nil tax code. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 08 February 2009 : 13:12:34
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Tim, you won't get an NT code in March as HMRC won't have time to implement the change.
Crockett, did the OR mention anything about an IPA? The chances that HMRC will have time to change your tax code that close to the end of the tax year are very slim.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
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Crockett
New Member
68 Posts |
Posted - 08 February 2009 : 18:29:15
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Hi Skippy,
Sorry in my previous post I put I've been given an IVA was meant to say IPA. OR agreed with all my expenditure even though I put it on the high side and told me my first payment would be due 10th April all on the phone. |
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once your bankrupt do you get a different tax code
