Tax Code in BR

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xxxxx78

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Post by xxxxx78 » Mon Dec 19, 2011 10:52 am
If you are declared bankrupt do you pay tax as nil rate? How is this worked out via the OR and HMRC
 
 

kallis3

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Post by kallis3 » Mon Dec 19, 2011 11:15 am
Hi,

You will normally get a nil tax code for the remainder of that tax year. The tax that you would have paid remains on your salary and you have to pay it to to the Official Receiver or their agents. Once the new tax year starts then you revert back to normal.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Pauld172

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Post by Pauld172 » Sun Dec 25, 2011 6:58 am
merry xmas jan!

quick question - i still havent been informed by the OR how to pay my tax over? is this normal? i would have assumed they would give me bank details to set up a dd??
 
 

kallis3

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Post by kallis3 » Sun Dec 25, 2011 7:43 am
Merry Christmas to you as well Paul.

The OR will probably appoint Moon Beaver to collect your tax and any IPA you have been given.

I'd give the OR a ring after Christmas and ask what is happening.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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