Any advice on a few questions!!!

LeicesterT

Yes true, I don’t know if they can, hopefully someone does! If the NT code is applied for the whole next year then defo think my work would ask questions- I would inform them about the bankruptcy if this was the case but if I can avoid it that would be preferable- saying that I may inform them anyway- not sure yet!

TheGardener

If you go BR before the end of the current financial year - the OR can not place an NT code for next year (2019/20 financial year) it can only be for the current financial year (2018/19) in which you go BR

broaps wrote: »

…. I don't know if they can apply NT to the next tax year if it's too late for this one.....

No they can't - it has to be the same financial year in which you go BR

LeicesterT

So still not pressed the button yet, been talking to my wife and she is worried about her house,

She bought it (2013) a year before we were married (2014) as discussed earlier, we lived in the house from then till December 2016

Since then it’s been rented out.

Thoughts?? Do I have to mention her property at all?

LeicesterT

Bump........

TheGardener

It will depend on the OR - and if they believe you have a beneficial interest in the property or not. If they believe you do - for example you have been contributing to the mortgage or paid for major refurbishment like a new kitchen etc.

LeicesterT

I don’t think I’m going to mention her house at all, none of my debts or our accounts are linked and my partner is willing to show her income via her wage slip if asked but not her bank account which is in her name. From what I gather, as all the debt is solely in my name and as no joint accounts or debts etc the OR wouldn’t request her accounts and couldn’t if she refused anyway

Minkym00

NT tax code - the OR won’t bother now as it’s not worth the admin for the rest of the tax year.

House - be careful here in not declaring it. You will be required to declare the rental income as household income so you’re going to have to explain about it. However I HIGHLY doubt they would do anything about it as it’s a solely-owned pre-marriage asset. The OR works on a public interest basis and claiming a property in this way would make very bad press.

Gambling - if all your debt has been accrued through this then expect a bankruptcy restriction order of between 2-5 years. You will be offered an “undertaking” of a shorter period to save the time and effort of the OR applying to the court for it.

TheGardener

Minkym00 wrote: »

...You will be required to declare the rental income as household income

No - not 'required' if she doesn't want to - if the income is not the OP's - its his wife's so there is no requirement for her to disclose any of her income if she doesn't want to.

LeicesterT

This is my dilemma in filling in the application

Where is says extra income and mortgage technically I don’t have a mortgage or extra income. What she gets from her tenant goes to her account which she then pays her mortgage from it. She is not applying to be bankrupt, I am.

What she receives is the same as the mortgage too so it doesn’t even mean there is any surplus from it

By adding the extra £500 income she gets which goes straight out is going will need explaining if I mention it, if it was in my name or joint then obviously it would be different.

Confused!

LeicesterT

Thanks for the replies by the way

I understand BRO but what’s an ‘undertaking’?