IPA and nil tax code payments query

Rach2007_2

Hiya

Hoping someone may be able to help. We go br in 2 weeks time and expect to get a smallish IPA. I was just wondering if we should put any money to one side after bankruptcy until the payments are requested? Or is this our money to spend until we hear from Moonbeaver? Ditto Nil tax code payments?

I'm just worried that the IPA may not be implemented until a few months into br, and then we might be hit with a huge bill!

Also do moonbeaver ask to see copies of payslips for IPA purposes? Dh's used to get posted home, but his work have since changed this and now they are supposed to be left in his pigeonhole at work, but we are missing 3 now and payroll are useless!:rolleyes:

Thanks in advance,

Rach

MicheH

Hi, we have not put any money aside since being br in August as the nil tax code is not in force yet. When the money you should have been paying the tax office goes onto your account you'll know to keep that money aside as that's what for moon beever.

Moon beever do ask for payslips, DH (me) has sent the past three months to get the ball rolling and have been asked to send each one for the duration. I'm not sure what to do if you have not got the payslips, hopefully some one can advise you

alastairq

no need to 'save' for a potential IPA.

As MicheH says....once you recieve your NT code, Moonybeevrs will contact you as to how much, and when, to pay.....so, in the intervening period between starting the NT code [receiving your full, gross, pay...].....and receiving notification about the IPA, just save what you would have paid, in tax.[this lasts until April next year..or sooner if certain conditions are met]...

If, as you suspect, you may receive an IPA based upon your surplus income, then that only gets paid from when you are notified...[and lasts 3 years from that date.]....

peachyprice

An IPA is 36 payments from the time of the 1st payment, no matter how long after your BR date it starts, so anything in between is yours to keep.

The only time you need to keep anything to one side is if you get a nil tax code before the nil tax IPA is set up.

HTH

tigerfeet2006

And don't forget if you have a change in circumstances and your income goes down or up you must inform the OR within 21 days so they can increase, decrease or even suspend the IPA, the suspended months count towards the 36 months.

Rach2007_2

Thanks everyone.:j

Reason being is that the baby is going to need the next stage up car seat (I really don't want to get a second hand one for safety reasons) and these can be pricey. I just didn't want to feel guilty about buying an essential item like that so you have put my mind at rest

Rach
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tigerfeet2006

I use Kiddicare a lot and find them brilliant with very good customer service

http://www.kiddicare.com/webapp/wcs/stores/servlet/categorydisplay4_10751_14568_-1_10001_

And you can get cashback through Quidco

http://www.quidco.com/kiddicare-com/

Rach2007_2

Thanks tigerfeet - I have used Kiddicare aswell, they are a brilliant company.

I must admit to never having used any cashback sites like quidco, so I'll have a look at that one as well.:money:
rach
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philnicandamy

Ohh kiddicare!!!!! we've just ordered a few bits for our flump when he/she arrives didnt think about quidco...damn!!!

tigerfeet2006

Phil, slapped wrist *wags finger*

Just checked Topcashback and they do 4% cashback as well AND there is no annual fee for them

http://www.topcashback.co.uk/Search/Merchants/kiddicare

Rach it is worth going through these 2 for everything you buy on the web (obviously they don't have every shop on the web, but I always check before I buy anything.) It is surprising how those odd pennies add up and every 6 months or so I get a little bonus of money in my account to do what I want with for free.I am just starting the Christmas shopping and will do it all online through them.

Rach2007_2

Great, thanks so much. I'll certainly check them out!

Rach
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