If you declare BR at any time of the year other than Feb/Mar (maybe even Jan) you will have a NT tax code. This means that the income tax that would normally be paid to HMRC and taken directly out of your wages by your employer would now be paid to you and you would pay it to the OR. This money would be used to pay to your creditors.
The NT tax code is only in effect for the tax year that you were declared BR so if you declared BR in June 2009 then you would receive an NT tax code until Apr 2010 when it would revert to the 'normal' tax code.
What does nil tax mean
Posted - 28 June 2009 : 17:27:03
