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xmas baby
Average Member
537 Posts |
 Posted - 20 April 2009 : 23:25:01
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Hi, I wonder if anyone could help with my enquiry please?
I declared bankrupcy on 6th March and one of the main reasons for doing so at that time of year was to avoid a nil tax code as it was nearing the end of the financial year. The thing is, I have not yet heard from Moonbeever regarding my IPO payment or starting any monthly agreed payments as yet and it is now the end of April. Does anyone know how long it can take for this to be organised by Moonbeever and could I be looking at waiting for a few months before my repayments start? Also, regardless of when these IPO payments start, am I correct in assuming my tax code will remain unaltered as I petitioned for bankruptcy in March?
Thanks in advance for your help in this matter.
xmas baby
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 21 April 2009 : 00:01:18
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Hi
the tax code won't change so you are OK on that front.
You may well have a long wait for Moonbever to arrange to collect the IPA
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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xmas baby
Average Member
537 Posts |
Posted - 21 April 2009 : 10:11:27
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Thanks for your reply, Paul. If I have to wait a few months until Moonbeever sort out collections for my IPA, does that mean I can spend the 'surplus' money which would be paid as the IPA in the meantime or do I have to save this and 'backpay' it later on?
Cheers
xmas baby |
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John
New Member
United Kingdom
73 Posts |
Posted - 21 April 2009 : 15:55:37
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Hi
with an income IPA you can spend the surplus until the IPA is officially set up as it runs for 3 years from the start date therefore you will pay in full as it were.
With an NT IPA it's different and the monies you should have paid in tax, which would be collected by Moonbeever, must be set aside for collection later as there is a time limit on the NT IPA up until the end of the tax year.
John White
England Jackman & Spacey |
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xmas baby
Average Member
537 Posts |
Posted - 22 April 2009 : 10:25:20
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Thanks Paul and John for your replies. The only thing is I don't know what type of IPA I have, or will have. My OR sent my a I&E allowance list and has requested I pay £260 per month for the IPA. My bankruptcy date was 6th March 2009. Does this mean I will have a income IPA rather than a NT IPA?
Any help would be appreciated.
xmas baby |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 22 April 2009 : 10:41:55
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I very much doubt you would get an NT code that late in the tax year. I had to sign 2 forms confirming I would pay X amount into an NT IPA (it was never implemented by HMRC) and a different amount into a 'normal' IPA.
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/
22 IPA payments made, 14 to go - on the home straight! |
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xmas baby
Average Member
537 Posts |
Posted - 22 April 2009 : 11:38:45
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Thanks Skippy. I just hope I only get a income IPA as I haven't put any money by since my bankruptcy in March and I just wouldn't be able to pay back any tax for that period if they asked for it now. I must say, its gone very quiet and I know 2 months isn't a particularly long time, but I feel a bit in limbo at the moment. Obviously if I knew I was going to get a NT IPO, then I would put the money aside, but I just assumed I would get a income IPO as my bankruptcy petition was towards the end of the financial year.
I'm also still getting phone calls from my creditors, who seem totally unaware of my bankruptcy. Surely the OR's office would have been in touch with them all to let them know of my insolvency by now, you would have thought. I may have to phone my OR to find out what the state of play is.
xmas baby |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 22 April 2009 : 12:38:25
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If your tax code hasn't changed it won't do so now as we're in the new tax year. You only pay a NT IPA for the tax year that you are made BR. With you going BR so late in the tax year you wouldn't get an NT code as HMRC wouldn't have time to implement it.
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/
22 IPA payments made, 14 to go - on the home straight! |
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xmas baby
Average Member
537 Posts |
Posted - 22 April 2009 : 14:14:08
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Thanks Skippy. Well my wages for March had not changed, so I guess I haven't got a NT code as my wages would have appeared much more than usual.
Good to know I won't have to mess around with tax, thank god.
xmas baby |
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Topic |
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Hi, I wonder if anyone could help with my enquiry
