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Tax code. new job

Hi Guys,
Wonder if anyone could give me any advice please. I am self employed at present and went BR last week. However I have just been offered a job starting Jan 1st. I was not paying any tax when self employed as my income was low, but from Jan 1st? what would my tax code be? and does the OR iform the tax office of any change of circumstance?
Thanks everyone
«13

Comments

  • itydntk
    itydntk Posts: 146 Forumite
    edited 1 October 2011 at 9:00AM
    Lorem ipsum
  • itydntk
    itydntk Posts: 146 Forumite
    edited 1 October 2011 at 9:00AM
    Lorem ipsum
  • Thanks guys,
    Wondering out loud, how would the OR know of changes in your income? I have a terrible memory;)
    Thanks
  • LilyBart
    LilyBart Posts: 1,171 Forumite
    They mightn't. But if they did.....
  • deedee_3
    deedee_3 Posts: 891 Forumite
    Because whaen you go bankrupt you sign a leagally binding form that means you have inform the OR of any changes in circumstances. If you don't then you your OR could suspend your discharge while he investigates you for suspected fraud.
    Namaste DeeDee x
  • JCS1
    JCS1 Posts: 5,336 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Dodger61 wrote: »
    Thanks guys,
    Wondering out loud, how would the OR know of changes in your income? I have a terrible memory;)
    Thanks

    Because the paperwork you sign gets filed at court. And if you change jobs whilst BR it's common for HMRC to let your OR know - and they'd find out that way.
  • fermi
    fermi Posts: 40,542 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Rampant Recycler
    There was someone on this board recently who didn't inform the OR of an increase in income. If I remember correctly their discharge from bankruptcy has been suspended and a BRO/U is on the cards.

    Info gets exchanged between the OR and HMRC at certain points and it would come to light.

    Remember, that one one the first forms that you are required to sign when you go BR is the TNIDIS (Tax & National Insurance DISclosure).

    Which goes something like this............
    To:

    The Commissioners of Inland Revenue and Department of Work and Pensions.

    I authorise and request you to provide to the Official Receiver (and to any agent appointed by the Official Receiver or any trustee who may be appointed in my bankruptcy) for all the tax years up to and including that in which I am discharged from bankruptcy:

    1. copies of my tax returns and any accounts submitted to you;

    2. details of;
    a) my tax assessments;
    b) my national insurance contributions and tax credits;
    c) any benefits I have claimed; and
    3. any other information about my tax or national insurance affairs, tax credits or benefits which the Official Receiver (or trustee) may require.

    I also authorise and request you to pay to the Official Receiver (or any trustee who may be appointed in my bankruptcy) any income tax refunds due to me for all tax years up to and including that in which the bankruptcy order was made against me.

    Date


    Signed
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • skylight
    skylight Posts: 10,716 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Home Insurance Hacker!
    Its not worth it. You must mention it.

    However, your outgoings have probably increased too.... You made a mistake on underestimating your utilities, need work clothes now, need to keep those work clothes presentable so dry cleaning, petrol costs increase to get to work????
  • Mmmmm. Thanks guys, take it from your comments its the HMRC who lets the OR know of a change in income. Will bear those comments in mind, but as I said earlier, I have a terrible memory.;)
    Thanks for the suggestions Skylight
  • skylight
    skylight Posts: 10,716 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Home Insurance Hacker!
    Dodger61 wrote: »
    take it from your comments its the HMRC who lets the OR know of a change in income.


    No - thats not what is being said.

    YOU have a legal responsibility to tell the OR of all changes to income. HMRC will keep the OR updated on your income, and if the OR receives it from HMRC before you, he is going to go potty -you could be accused of deliberately keeping info from him and subsequently find that he investigates you more throughly, could extend your bankruptcy, give you a harsher IPA because he can (by disallowing all sorts and not be quite so generous etc), slap a BRO/U on you etc.

    If you start on Jan 1st, (really?? New Years Day??) then you dont have to tell him until Jan 22nd. Then its going to take him a week or so to get the new IPOQ form out to you, until the end of Feb at least until you can fill it in and return it and so on.


    Don't risk it. Memory loss is not a defence!
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