IPA – The big question -When??

ballyclover

might be wrong, but i thought the IPA was 3 years from BR date

About_Time_3

No, it's 3 years from the date of the IPA.

philnicandamy

Nope.....its 3yrs from the date the OR sets it up.....

tigerfeet2006

But don't forget if at any point your circumstances change then inform the OR and the IPA can be altered up, down or even suspended and the suspended months count towards the 36 months payments.

kew63

Been reading these posts and getting increasing concerned.

When we filled in our SOA for BR, there was a surplus, not a vast amount but enough that we thought they'd do an IPA

Hubbie had his OR interview this week and she said there wasnt really enough to do an IPA but would get a form in 3-4 months to see if income / outgoings had changed at all. Naturally gobsmacked but very happy !!

OR didnt mention a Nil Tax Code, but sounds like as we went BR last week that will get one. Do we have to do anything or just want until he/his company get the Nil Tax Code notification and make sure the tax he would have paid is kept to one side for the Moonbeavers to collect ?

Will his payslip still show how much tax he would have paid if not been on Nil Tax, so you know how much to put by, or do the Moonbeavers tell you this ?

Just when you thought it was safe to breathe easy .... :mad::mad::mad:

debtinfo

Hi everyone, just thought i would explain the IPA procedure for you all (please bear in mind that forms do get misplaced, lost in the post and ORs do get busy but this is the normal procedure.)

First of all you may only have 1 IPA per bankruptcy and this includes Surplus or Nil Tax, once the IPA starts it can last for a miximum of 36 months from the date the OR signs it.

The Examiner will assess your income and expenditure and decide on a surplus amount and a Nil Tax amount. He/she will then send an agreement to the bankrupt. If you get just a NT one it is because you do not have enough surplus. You then sign and retrn this agreement. Then The OR signs it and it is officially in force. Te OR sends the details to Moonbeever who are responsible for collecting the money. The IPA can and must start at any point prior to discharge. The OR will send out a new I/E form prior to discharge to see if anything has changed as this is their last opportunity to enforce an IPA.

If an IPA surplus or NT is in already in place and circumstances change the the "NEW" IPA is nt new at all and is an alteration to the original one and should only continue for the remaining part of the 36 months.

Officially the NT IPA is not actually collecting tax, it is collecting the surplus that arrises in your income from the NTcode.

It is possible in law (although virtually unheardoff in practice) to keep the Nil tax money if you can prove real hardship to he judge.

hope that clears things up

Flowerpot_2

debtinfo wrote: »

First of all you may only have 1 IPA per bankruptcy and this includes Surplus or Nil Tax, once the IPA starts it can last for a miximum of 36 months from the date the OR signs it.

Hi Debtinfo
Does this mean if you receive a Nil Tax IPA it also lasts for 3 years ?
I haven't heard a dicky bird from my OR since my interview (15th June) but I was told then that I would receive the form regarding a Nil tax code - no forms as yet - all gone very quiet. However, reading the other peeps its early days yet as I only went BR 2nd June
Fp x

JCS1

NT Tax Code IPA's only last for the current tax year; they also are cancelled if you change employers during that time.

Flowerpot_2

Thanks JCS all too confusing for me :rolleyes:
FP x

pmg19680

kew63 wrote: »

Been reading these posts and getting increasing concerned.

When we filled in our SOA for BR, there was a surplus, not a vast amount but enough that we thought they'd do an IPA

Hubbie had his OR interview this week and she said there wasnt really enough to do an IPA but would get a form in 3-4 months to see if income / outgoings had changed at all. Naturally gobsmacked but very happy !!

OR didnt mention a Nil Tax Code, but sounds like as we went BR last week that will get one. Do we have to do anything or just want until he/his company get the Nil Tax Code notification and make sure the tax he would have paid is kept to one side for the Moonbeavers to collect ?

Will his payslip still show how much tax he would have paid if not been on Nil Tax, so you know how much to put by, or do the Moonbeavers tell you this ?

Just when you thought it was safe to breathe easy .... :mad::mad::mad:

Hi Kew,
You should get a letter from the OR to say that you will be getting a nt ipa. You then sign and send back to say that you agree etc then pretty soon after (my hubby's was about 10 days) you will receive a letter from moonbeevers asking for your previous 3 payslips.
Hubby has done this and his nil tax started 3 weeks ago (he gets paid weekly) and so we have £180 sat in the bank because moonbeever still have not sorted things at their end yet. Just had to send off 3 more payslips and this weeks. God knows what they do at this place but the name suggests a few things!!
My Nil tax still has not started.
I think it is a sham to be honest. They should be more on the ball and not allow for BR's to have this cash sitting in the bank when struggling to survive with day to day living costs - very tempting :rolleyes: