IPA received -confused

movingforward2010

Afternoon

I was made BR on 19th June'09, had my interview with the OR and was told I would not get a IPA/O.

Ive received a letter today saying:

I xxxxx xxxxx agree to pay the amount by which my take home pay will increase as a result of the NT coding which will be applied by the inland revenue to the official receiver or any person appointed as trustee of my bankrupt estate, by way of contribution to my bankruptcy. This amount has been estimated by the official receiver (on my present earnings) at £106.00 per month. The first contribution will be made in the next month/week in which the inland revenue applies the NT coding and will continue until the end of the current tax year.

and then there is another 7 points, mainly legal stuff. and a place for me to sign.

Does this mean they think i have £312 a month surplus (which i dont, i only have £40) or is it my tax

Sorry if I sound stupid ive just got home from work and the OR has gone home when i rang, im panicing a bit:eek:

covlad1980

I think that is your tax as you said , try and relax someone will be along to explain further.

Bethankim

Hi Yes this is your tax as you have a nil tax code, so will have to pay the tax bit to a conpany.
I havent had one so hopefully one of the t'others will be able to explain more. I think you pay it to a company called moon beavers (what a name )

FinancesOfAFiveYearOld

How do,

I understand that you get a zero tax-code for the tax-year that we/you are in. This means that your employer does not deduct any tax from your pay. This extra money in your paypacket then has to be paid over to some strange firm working on behalf of the Receiver.

You should end up with it making no difference to you at all, it's just the tax that's not being sent to the Inland Revenue and you pay it to this firm instead.

They're called "Moon Beever" or something. No, honestly, they are!

This arrangement only lasts until the end of the tax year (presumably next April 5th).

Be careful not to spend any of the "extra" in your pay-packet, otherwise the mooning beaver will get you!

movingforward2010

thanks dont know what i'd do without you guys