Just a quick update on recent events! I have now received my IPA which because my I&E was more going out than coming in is only to the value of my nil tax code! (Pleasant outcome as Im not going to miss what wouldnt normally come to me anyway)! A couple of things I would like explained if anyone can help are: The IPA states that it does not end when I am discharged from BR. However as I understood it, a NT code only lasts for the current financial year so what happens after this? Can the insolvency service apply for another NT for the next and subsequent years and what then happens regarding effectively not paying tax for this period? Will I ultimately end up owing the taxman the value of the NT?
The nil tax code IPA will only last for the duration of the current tax year. However, if your circumstances improve the OR has up until the date of your discharge to put a 'normal' IPA in place, even if the NT code IPA has finished.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
Just remember an IPA is an AGREEMENT - this is not a legal binding document and you do NOT have to sign it - if your outgoings are more that your income then you certainly would not expedt to have to paty more - an IPA lasts for 3 years!
the ORs are all sending out IPA as matter of facts at the moment - we were sent an IPA - we decilned it in writing as our IPOQ showed a monthly deficit of £8!
The only way you can be made to pay up on a monthly basis is either you voluntarily siging the agreement or the OR going to court to get an IPO.
This is probably too late for you, but you need to check they have sent you correct form to sign, as i was told i would not get an IPA but would pay the nil tax code. I was then sent an IPA agreement form instead of a Nil tax code one. I wrote to the OR and about a week later they sent me correct form!!
IPA
Posted - 06 July 2009 : 14:29:29
(Pleasant outcome as Im not going to miss what wouldnt normally come to me anyway)!
