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Searcher
New Member
60 Posts |
 Posted - 06 August 2010 : 15:50:32
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Hi
I currently receive an Occupational pension and tax is deducted from this on the PAYE system. If I understand correctly, on BR (which in my case may be later this month) the code will change to Nil (or something?) meaning I will receive the full gross amount. My questions are:-
1) Will this trigger a rebate for the current year, thus I will suddenly get back all the tax paid this year with one of my monthly pension payments?
2) Am I supposed to save this amount and pay it to some company when asked to do so (Moonweaver, I think)?
3) What will happen to my tax code for 2011/12, and how will any changes be administered?
4) As I am also self-employed and may end up running at a loss for 2010/11, will I still be able to claim a tax refund, as the PAYE and S/E are calculated together? If so, will the OR take it - how does this work?.... |
Edited by - Searcher on 06 August 2010 15:51:56 |
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debtinfo
forum expert
2826 Posts |
Posted - 06 August 2010 : 16:00:12
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1) no
2) Yes (how much is it, if it is a small amount they may not bother)
3) It will return to normal as if nothing had happened (do check HMRC occasionally forget)
4) The OR will take any tax refund for this or previous years |
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Searcher
New Member
60 Posts |
Posted - 06 August 2010 : 16:25:08
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quote:
Originally posted by debtinfo
1) no
2) Yes (how much is it, if it is a small amount they may not bother)
3) It will return to normal as if nothing had happened (do check HMRC occasionally forget)
4) The OR will take any tax refund for this or previous years
Hi
I have been paying around £130pcm tax since the late April 2010 payment, so by the antipated BR date, I will have paid approx £660.
Still unclear what is going to happen if the answer is NO to 1) and YES to 2) 
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Edited by - Searcher on 06 August 2010 16:26:11 |
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debtinfo
forum expert
2826 Posts |
Posted - 06 August 2010 : 16:35:31
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The HMRC keep all pre bankruptcy tax collected unless it would have ordinarily been refunded in which case it will go to the OR.
The NT tax code is for the period from the bankruptcy order date until the start of the next tax year
at £130pm the moonbeever will collect what you would have been paying between now and the new tax year. |
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Tax Code
