Complex Tax question

Posthinking

If your salary varies widely from month to month the OR will take an average and check back from time to time

PixiePie

gettingitsorted wrote: »

This may help its taken from the insolvency service

Applying a 'Nil tax' code......

There will be extra money in your pay because of the nil tax code. This money will form the basis of an IPA or IPO, even if you have no other real disposable income. A nil tax (or NT) IPA or IPO may be the only amount you have to pay, and the agreement or order will stop when your tax code changes. If you have other real disposable income, the IPA or IPO will reduce when your tax code changes.

Thank you, that was the sort of thing I was looking for

I don't think (unless he is a plank short of a picnic box) the OR will give me an IPA/O before Sept, as our incoming are less than our outgoings, but it's touch and go in Sept, and I will be paying tax then, so the 'if I'm only doing the tax thing IPA/O it's only until April next year' is a huge weight off my mind (once you've accepted a teaching job, it's not like a 'normal' job, you can't just not do it or resign before a certain period even if you haven't signed a contract. It's all a bit backward and silly, but there you go).

Richard - the reason I don't want my tax code to change pre-Sept is my father does my OH's accounts (being an accountant) and as I work for OH, he handles all that, so he would find out no doubt my tax code has changed, and whilst I know it changes for other reasons, I'm pretty sure he knows them all and will know that none of the others apply to me. I don't want him to know I'm going BR as I doubt he will ever talk to me again if he finds out (seriously). There's not much chance of him finding out apart from this as my parents live abroad and no longer have any connections to London (apart from a very few of my father's clients, but our surname is not one that sticks out (Smith) so I doubt any of them would realise that it's me if they were to see the London Gazette etc and even if they did, how likely is it you would tell him if it were you? :S Stupid I know, but there you go....

Owe too much - What a parlarva! I never expected BR to be easy, and whilst I feel I *should* jump through hoops, at the same time this is as odds with the whole 'it's a new start for you' - I just don't get why it isn't better for them to just have another tax code that pays it straight to the Insolvency people at source. Or is that far too a sensible idea?

owetoomuch

But if they had a different tax code for BR then people would definitely know that you are BR, at least this way you could say it was for another reason, over paid tax and so on. I can understand why they keep asking for copies of my payslip, this way they know when the NT code was applied and not relying on people remembering to tell them. They do give me a reply paid envelope so it is not costing me anything.

PixiePie

Dur - I guess my two ideas (1 a tax code that doesn't say BR, the other a tax code that does for all intents and purposes say BR lol) are at odds. Silly pixie

At least they give you pre paid envelopes, but otherwise they would have to allow you a small stamp allowance in your I&E

debtmonkey1

Pixie-do yo mean the 'ask the expert' site?

If so....don't forget that Simon who posts on there is a fully qualified money advisor??! I don't think there's anything at all 'not honest' about his advice....just 'practical' advice to make the BR process easier/quicker.

The advice given on there is very 'pragmatic', Simon cuts through the emotional stuff. I had all these feelings but after all my questions were answered & I did the deed I now feel great.

When you're in the nightmare it's hard to see out! Honestly, once the deed is done you'll feel so much better!