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Nil Tax Code

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Comments

  • script
    script Posts: 718 Forumite
    Thanks Debt.

    Now another thought - suppose during your BR you're income goes up, meaning you're tax also goes up.

    How do you work out what the new tax should have been?

    And how do you tell Moon Beaver?
  • debtinfo
    debtinfo Posts: 7,012 Forumite
    The OR usually just sets an average figue and uses that for the whole year, your income would have to change significantly for the tax to change by an amount that it would be worth changing the agreement. For most people a change this big would prob only happen if you changed jobs whereupon the NT code would stop anyway
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
  • script
    script Posts: 718 Forumite
    Thanks debt.

    So the good news as far a nil tax code is concerned - you don't have to worry about the odd bit of overtime or a few extra shifts at work etc.
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