tax after br

Holes_in_my_pocket

tax doesnt have to be taxing (tv ad)

Madmonk

Of course it doesn't always happen exactly as stated - I'm still sitting on this naughty step (;)) and I have a week to go before AD and no one has asked for the £600 tax that I have kept safely from Jan,Feb and March 09!!!;)Ho! Hum!

debtinfo

hmmm... thats a good point as we will shortly be getting to the point in the year (november/december) when the OR's stop collecting the NT money as it is too close to the end of the tax year

jennie65

so as i am now discharged am i still obliged to pay over to moon beever even though payments not started yet

sizzler

Hi all Trying to follow thread. What is moon beaver?

If your self employed what happens to tax.

A bit dizzy today im afraid

Regards dopey sizzler on a bad day of brain meltdown.
:rotfl::rotfl::rotfl:

confused76

hi sizzler
when you are made br, they normally put you on a nil tax code. you receive the tax in your pay and have to set it aside as it will be requested by moon beever and you pay it over to them. it normally happens until the end of the next tax year.
i had my phone interview 3 weeks ago the or told me she wouldn't be setting a nil tax code etc as by the time they sort it out it will be nearly the end of the tax year and therefore not worth the bother.
i don't know what happens if you are self employed, ask the or in your interview

Mrs_Malaprop

jennie65 wrote: »

so as i am now discharged am i still obliged to pay over to moon beever even though payments not started yet

Has your pay gone to Nil Tax yet?

sizzler wrote: »

Hi all Trying to follow thread. What is moon beaver?

If your self employed what happens to tax.

A bit dizzy today im afraid

Regards dopey sizzler on a bad day of brain meltdown.
:rotfl::rotfl::rotfl:

As you are self employed you will not go on a Nil Tax code, I think I am right in saying. You will just pay your tax as normal.

Madmonk

But of course sometimes the tax office put you on a nil-tax code and the or and moonbeever never ask for the money (especially when you go br towards the end of the tax year)?

MM;)

debtinfo

Hi sizzler, when you are self employed and go bankrupt, what officially happens is that you cease trading on the day of the bankruptcy. You are free to start up what is a new distinct and seperate business the next day. As this is new employment you will be taxed in the normal way (except it will be a short year, from the day of the BR to the new tax year) and so will not get a NT code

thatsyourlot

What happens when you dont earn enough to pay tax in the first place??

I am self employed (sole trader) I dont earn enough to pay any tax & have been given a nil tax code plus have to pay an IPA of £110 per month

Just wonderd whay I had been issued with the nil tax code when I have never earnt enough to pay tax anyway??