nil tax code

peachyprice

CG77 wrote: »

...and they call me sausage fingers :rolleyes:

CG. x

Oh, but I'm sure they're tincy cocktail sausages :rotfl:

alastairq

leftatthelights wrote: »

Hi,

Just a quick one on this nil tax code.
I have got this but the paperwork has only just been sent so it might be a while before it is implemented??? really depends on how 'on the ball' HMRC are at the moment.
Anyway, how is it taken from your wages? It isn't. At least, not at source, like PAYE.
My OR said that I wont pay tax and I have to pay them the tax (at an agreed amount) from my wages. Yex, although ''the tax'' is a little misleading...the BR pays no tax at all for the duration of the bankruptcy[subject to conditions]...income tax having gone ''into the BR pot'' along with other debts.....the OR will require you to pay an amount equivalent, more or less, to what you would have paid, had you paid tax....to the OR's collector [possibly the mythical moonbeever?]...this is in the form of an IPA...[for clarity, I think BR-speak refers to this type of IPA as a NT IPA??}....which is different to an IPA/IPO which is imposed based upon other surplus income....which lasts for 3 years.
How is this done, a standing order or direct debit etc???
The Collector [the mythical moonbeever?] will contact the BR, to inform not only how much to pay, but when, and will give a number of options as to by what means. One option is by Standing Order [I don't think Direct Debit is an option??]...they provide all relevant details...

I would like to add that, upon enquiry, the Moonbeever did tell me that, although the 'due date' for payment is based upon the tax date, there is some leeway or flexibility....allowing for at least 3 days to effect a standing order transfer, payment in the Moonbeever account by, say, 1st of the month,would for many be impossible, given pay dates...so they accept payment as soon as is practicable..they 'allow' at least a week or so before getting agitated in a moonbeeverish sort of way...

Madmonk

Of course it doesn't always happen that way - wink wink nod nod

leftatthelights

Thanks phil.

Exactly what I wanted to hear!

:T

philnicandamy

Madmonk wrote: »

Of course it doesn't always happen that way - wink wink nod nod

now your just showing off! :rotfl: