Nil tax code

veronicamars_2

i went bankrupt on mon (29th march), will i definately avoid having a nil tax code ipa as the tax year finishes next wk?

debtinfo

yes.........

fiveyearplan

Yes, among other reasons, thats why I timed to go BR on the last day of the tax year as I didn't want to have the hassle of saving out the tax money each month - too tempting!

veronicamars_2

cool, it sounds such a pain to have to save your tax and then pay it to someone else.

fiveyearplan

............ and tempting if you have that money hanging around and have an emergency!

chy72

Does that mean then that because i went Bankrupt in Feb and my Tax code is still the same I Will not have to have a nil tax code IPA.

Thanks

smmann

can you tell me about the nil tax code please, no idea why you have to have one

alice43

Please can someone explain nil tax code??? I lost now, no idea how this works???

fiveyearplan

chy72 wrote: »

Does that mean then that because i went Bankrupt in Feb and my Tax code is still the same I Will not have to have a nil tax code IPA.

Thanks

Yes, its too late to implement a nil tax code.

fiveyearplan

A nil tax code is when you pay the money you would ordinarily pay to tax, to the OR via a company called Moonbeaver.

It last until the end of the tax year or you get a new job.

nervousmother

I went BR at the begining of January and avoided the Nil tax code. Glad i did too!