NT (Nil Tax) code.

Grumpy_Shunter

Hi gang,

Received a letter from HMRC a few days ago telling me that my tax-code will change to NT (Nil Tax) with immediate effect.

Sure enough, my pay-cheque came through the post with no tax paid.

Now, what do I do about the excess amount in my bank? As I understand, this tax not paid will form part of my IPA. Is this right?

Now, how does my OR go about getting this money? Do I keep in in my bank and will she then send a request for this money? So-far there's in excess of £300 tax money sitting in my current account.

I know it's not mine but you would of thought the OR would of set-up some sort of system for collection instead of me getting all excited seeing extra pennies in my account:)

The problem is, my IPA isn't going to start until end of March when I go back to work after an injury and subsequent surgery after my accident in work! Am I to keep all the unpaid tax in my current account and await instructions? Seems crazy!!

fermi

Tell your OR that you are now on the NT code. They will get the NT IPA sorted and collected via their agents Moon Beever.

You have to pay it to MB yourself. No automated way of doing it, so put the money to one side.

Grumpy_Shunter

fermi wrote: »

Tell your OR that you are now on the NT code. They will get the NT IPA sorted and collected via their agents Moon Beever.

You have to pay it to MB yourself. No automated way of doing it, so put the money to one side.

Cheers fermi.

I understand, but does that mean I have to work out each week what I would of paid in tax and send it to MB? They will know how much to expect, right?

Like I said above, I don't start my IPA until the end of March. Do I keep it all back until then and then send it to MB?