Nil tax code

abcdave

Joemac2016 wrote: »

Why did they get in contact? Surely as you went bankrupt in March, they wouldn't have bothered with the nil tax code as it wouldn't have been worth the hassle

I just got a letter from them to say they had been notified of my status by the OR and they would look into it.

About 6 weeks later I got another letter informing me that they had refunded my tax paid 2014/2015 to the OR. In my case this was tax paid from 25th March to 5th April

So while I didn't get a nil tax code because it was so close to the end of the tax year, they did backdate a refund to the OR

Hope this makes sense

Joemac2016

I don't really care how's it's sorted between Hrmc and OR as long as I don't get nil tax code. Starting to think if I declare say end Jan, then have interview with OR early Feb and it takes say a month to implement the nil tax code, there's a good chance it mightn't happen.

Regarding BR friendly banks, as of today, doesn't anyone know who will accept undischarged disrupts who wouldnt look at us last year??

alltaken

Nationwide Flexbasic is now the best account for undischarged bankrupts. If you're struggling to face up to something like a NT tax code at work, how on earth will you deal with the rest that bankruptcy entails?

I don't mean to sound rude but your debts will be 'written off' and that at the crux of the issue far outweighs the niggle of a NT tax code at work. You have some excellent responses here but if a tax code is delaying your bankruptcy, perhaps your situation is not serious enough to warrant bankruptcy? Good luck!

Cobalt77

alltaken is pretty spot on, Joemac2016.

The facts are that your employers/work will almost certainly find out about your bankruptcy. It's inevitable.

Better still, the OR has a habit of sending all communications to EVERYONE in nice large envelopes with "Insolvency Service" plastered all over them - my postman enjoyed making sure they were always at the top of the pile ;-)

And, if they happen to ever need to call you (or anyone else connected with you), they always take great delight in announcing they are calling from the Official Receivers.

Forget client confidentiality. You aren't a client, and they love pushing the point that your BR is on public record.

I was initially quite peeved at this, but there's stuff all you can do about it. Plus, it's a small price to pay for having the slate wiped clean.

So, if you genuinely need & want to go BR, stop making excuses to delay things and just bite the bullet. You'll be glad you did ;-)

Joemac2016

Sorry cobalt77 I don't agree. What do you mean about letters being sent to everyone. They don't send a letter to your work to say you are bankrupt so how is my work to find out unless they accidentally come across it.

Joemac2016

Oh and I rang nationwide a few days ago and told them I was looking to open their basic account in preparation of going bankrupt and they said it will be closed down once I declare.

abcdave

Why not save yourself the stress and delay the petition for a few weeks?

I personally timed mine for the very same reasons.

Joemac2016

Might just do that mate. Have another appointment with CAB next week so il be better prepared with questions. I have a really good job/pension and just don't want to lose it. Even though there's no bankruptcy clause in contract, knowing my luck they'll pull out a policy from somewhere I never read

alltaken

Joemac2016 wrote: »

Oh and I rang nationwide a few days ago and told them I was looking to open their basic account in preparation of going bankrupt and they said it will be closed down once I declare.

I can assure you that is not the case, insolvency is not cause for closure on the flex basic account. You have been misinformed. You are of course free to verify my information with Nationwide by way of their bankruptcy department, available via customer services.

I wish you only a resolution that suits your needs, you need to accept that your financial affairs are not your own until such a time that you're discharged. It is a condition of the order that you comply and are open about your affairs.

This condition ultimately means that you need to accept your financial affairs will have to be run past the OR and makes a NT tax code, no matter how hard you try, or how many times you ask on this forum, inevitable. It might not be inevitable you say? You could delay a month you say?

I wouldn't like to enter bankruptcy with a premise of luck.

Be open, do the deed, and move forward?

I'm not insensitive to your plight of remaining private, just do not enter insolvency with a false belief that you're able to keep it hidden. You might be discovered at any time!

Joemac2016

Suppose your right. Maybe I should do it this month and be done with it.

Hopefully the local tax office takes its time issuing nil tax code to my work

Il contact nationwide on Monday to see what they say about the flex basic account. Need to get things organised ASAP