IPA letter to sign

jetr77

Hi weve received our letter for NT IPA, however im unsure as to whether it is only for NT. We were told that for now we would have the NT IPA, and OR is going to review our I&E at the end of feb, we are both taking decreases in wages and dont know what our new take home pay will be, so by the end of Feb we'l have new payslips, shel the see if an IPA for 3yrs is applicable. Any way this letter we have received reads as follows... I .......agree to pay the amount by whcih my take home pay increases as the result of NT coding which will be applied by HMRC to the OR, it then details the amount we said tax we pay which is fine, however the back page that we sign says... until the end of the term of this agreement i shall notify the OR and increase in income within 21 days, I understand that the OR may claim any increase in income for the benefit of creditors . I acknowledge that my obligation to make payments under this agreement doest end when im discharged from bankruptcy and that failure to make payments can effect the date upon which i am discharged. Why would it say that if was just for NT IPA? Bit worried about signing it incase it is for the 3years IPA. On the front page though it only mentions the amount of tax we have to pay so bt confused. Has any one elses NT letter read the same on the page to sign? Thanks

ontheroad_2

if there is only the NT tax code figure on your form, then your declaration is only for the NT tax code figure and period. The rest is a standard declaration, as you do have to inform the OR of any change to your income until you are discharged. You will have another form to sign when the OR looks at your incomings and outgoings again in February, if you get an IPA then.

now

Try not to worry says she who worried about everything. They will ask you for proof of income for an IPA, we had to send in pay slips that was it, if you are self employed you send in your books and bank statements

fiveyearplan

The NT code will finish at the end of the tax year or if you end your employment.