Quickie: Re tax after BR

MammaCas

:eek: Hello all

My OH is self employed and recently claimed a tax rebate as he paid too -much tax 05/06, will he get ito trouble for claiming it when he knew he was going bR?? :eek:

Thanks MC

cmd:0

Thanks Fermi, helps alot

tigerfeet2006

Leicestercat wrote: »

Hi Tigerfeet!

nice to 'see' you too. So unless I get onto my OR asap, I take it ill lose all that extra money.... Well, will leave it I think as really doubt it can/will be done in time.

Cmd: sorry I dont understand what you mean...

LC

LC yu will lose nothing. The OR will. You would have had to pay the OR the extra that was in your account from the tax man.

Leicestercat

oh ok thanks...ha ha ha ha ha!

LC x

fedupwiththecouncil

When the tax year ends in a couple of weeks, will the NT tax code revert back to what it was before bankruptcy or will the tax man claw back all that has not been paid this year? Ie pay more tax?

tigerfeet2006

Your tax code will go back to normal after April 6th, the taxman can't try and claw anything back from you.

fedupwiththecouncil

Thanks Tigerfeet, one more question, i have still been receiving working tax credit since before the bankruptcy and have continued to receive this throughout the year, will this be affected in the new tax year. Will this reduce to to the lack of tax already paid?

tigerfeet2006

Not a 100% but I think it is based on what you earned in the last year not what tax you paid, so if your wage stayed the same you should be fine.

Toon_Dave

Can i just ask, if i go BR in april so at the beginning of the new financial year what happens re the taxcode?

Am i better or worse off waiting until the new financial year starts?

Cheers, Dave.

fermi

Toon_Dave wrote: »

Can i just ask, if i go BR in april so at the beginning of the new financial year what happens re the taxcode?

Am i better or worse off waiting until the new financial year starts?

If you go BR after the beginning of the new tax year, then you should have an NT code for the remainder of that tax year, or until your job/source of income changes.

Shouldn't make a whole lot of difference to you moneywise, because the money that you would have paid in tax will be collected by Clarke Wilmott for the OR/trustee. But you will have the hassle making sure its put to one side and paid.

Quite a few people seem to set it up on a SO, but that's between you and CW.