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Ipa question
brokeinbristol
Posts: 136 Forumite
Hi everyone,
My wife and I have just received notification from the OR that we just have to pay our tax from our salaries until the end of the financial year (march 2010) as an IPA. We do not have any excess left each month so have not had another IPA mentioned. Am I right in thinking you can only have one IPA at a time? Also, once we are DC from BR (Jan 2011) do we still need to inform the OR of increases in our income? And can we (after the BR period) be asked to sign up to an IPA? And how long would this be for? Any thoughts? Thanks
My wife and I have just received notification from the OR that we just have to pay our tax from our salaries until the end of the financial year (march 2010) as an IPA. We do not have any excess left each month so have not had another IPA mentioned. Am I right in thinking you can only have one IPA at a time? Also, once we are DC from BR (Jan 2011) do we still need to inform the OR of increases in our income? And can we (after the BR period) be asked to sign up to an IPA? And how long would this be for? Any thoughts? Thanks
0
Comments
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you can only be in 1 IPA at a time although this can include a NT code part and a surplus part. Mst people prefer to think of them as seperate IPA's as it is easier that way.
once the NT one has finished they could only start a surplus IPA before you are discharged. If this is not started before discharge than your responsibility to keep them updated on income ends at dischargeHi, 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.0
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