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Trolly-Dolly
Average Member
591 Posts |
 Posted - 02 July 2008 : 21:00:53
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Oh Lordy!
There I was stressing about having BR as my new tax code (for all my HR/Payroll dept to see), and now I have just found out that it stands for BASIC RATE and not Bankruptcy! Phew!
Anyone else realise this? Or am I the only wally?
Read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 02 July 2008 : 23:05:16
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Hi I would expect this to change again to an NT code for the duration of this financial year.
You will be paid the amount you previously paid in tax , and then you will be responsible to pay this amount to the OR's agent until April next year
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Porcorosso
Junior Member
United Kingdom
235 Posts |
Posted - 03 July 2008 : 10:15:59
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I used to work for HMRC. If anyone wants any questions answering regarding PAYE codes etc I will do my best to answer.
Not the best time to be self employed! |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 03 July 2008 : 20:31:44
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I Do!!!!!
When it is set to NT, will there be any indication of what I have to pay to the OR? Or will I have to work it out myself? I have no idea how to do this? How much is it? Do I minus my personal allowance first? Okay, starting to get HF now, so will pause a little and de-stress!
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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melanie_giles
Senior Member
1191 Posts |
Posted - 03 July 2008 : 23:51:13
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The OR will calculate the payments for you, which are only payable until 5 April 2009.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 04 July 2008 : 17:01:52
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Hi DM,
The OR will take into account the period you're not paying tax when calculating IPA/IPO payments. i recently had a client who was asked for an IPA for only 12 months for the tax he would have normally paid, so the net effect to him was zero.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Just worked out what the tax codes mean
