Nil tax code- please help v. Worried

cmb321

Please help.....
I was declared br on 9th June and i have just had my first payslip with the nil tax code. please can u tell me, do i have to put the money aside somewhere? and if so how on earth do u work it out? do u have to estimate? Do moonbeaver set up a direct debit and take the same amount each month? People who are already paying moon beaver-are u out of pocket? im feeling very stressed already skint enough after xmas- aggghhh

Also how long do u have to pay them? so confused, please help.
Thanks in advance
Carla

dojoman

Yes , you should put the amount to one side until Moonbeaver arrange your payments. You should be able to work out how much tax you pay from your old pay slips. You should not be out of pocket, as you will only be paying them the amount you would have paid in tax.

Holes_in_my_pocket

keep the money you would normally pay in tax to 1 side. I went bankrupt in may had NIL Tax Code in august and still not paid anything to moon beever . if its a small amount ie £50 a month or less i have been advised they may not take it as it cost so to much to collect it

Matt1982

I believe when the new tax year starts you will start paying tax normally again e.g. via your paycheck

Hopefully someone else will confirm my thoughts.

cmb321

oh thankyou, i think its going to be very confusing as i do different hours each week and get paid weekly so will just put an average. Thankyou wow sounds like moon beever take ages to sort it out! thanks again

steveh1_2

Did you agree to a NT IPA when you had your OR interview (or afterwards)?

If so then i would imagine that Moonbeever will have already made contact requesting Wage Slips etc. If this is the case, check your previous few months pay slips, at the bottom will be a PAYE Tax amount (Not National Insurance). This amount should match up with the NT IPA that was agreed. This is the amount you need to keep to one side to pay Moonbeever. I believe most people setup a standing order to make payments.

You do however get put on a NT code automatically when HMRC learn you are BR. If you never agreed a NT IPA with the OR then the money is yours to keep, that is unlikely seeing as you went BR long before the end of tax year (april)

In April your wages should start being taxed again, and you should stop paying moonbeever

cmb321

Thankyou Steveh1, yes i did agree do the NTback in June and i have been sending my payslips to Mb to show that the NT had not yet been applied, It has been such along time since i was declared BR and i'd just started to not think about it, can't believe its taken so long to set up the Nt coding, its not long till April now it hardly seems worth it! Thanks so much for clearing that up

Matt1982

I would put extra by whilst you wait if you can...that way when you come to pay you should have a surplus which might be a nice surprise.