Nil Tax Code

[Sadsack]

Hopefully someone can give me an answer.

I have had my OR interview and went through my I & E. We calculated that I would have £254 to pay into an IPA. The OR also said that she would be applying for a Nil Tax Code which I know only applies to the current financial year. Could this be extended into the following financial year?

And

Is the IPA set in stone for three years? In other words, even though one is Discharged after 12 months, do you keep paying the IPA for a further 24 months or is this at the discretion of the OR?

Very confused!!!

Sue

Ho Hum! Think I'll bang my drum!

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http://sadsack.blogs.iva.co.uk/

[zoe]

hi Sadsack
The nill taxcode is only to the end of the tax year
and the IPA continues for 36 months regardless of when you are discharged!
Hope this helps


Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

[Sadsack]

Thanks Zoe - another question!

Is the IPA fixed for the 3 year term or does it fluctuate according to my earnings?

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[zoe]

If you have a rise you need to inform the OR and they will reassess you
Z
x

Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

[Sadsack]

Thanks again Zoe - if I have anymore questions, I will be back!!!!

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Skippy]

The same if for any reason you are earning less or your expenditure increases.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Sadsack]

Ok - if I am discharged after 12 months having paid £254 per month without increases or decreases, does the OR still review my situation for the following 24 months?

If I am being a numpty here, please excuse me!

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Skippy]

I don't think so. The wording of my IPA states that I have to notify them of a change in my salary up to the point of discharge. I'm going to try and manage for the last 2 years on whatever I'm paying then - I don't want to draw attention to myself! If they ask you (I don't know why they would) then you have to tell them.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Sadsack]

Thanks for that Skippy - just wanted everything clear in my mind.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/