Will I have to make Income payments?

[r.s]

I was made bankrupt half way through May and was told after my interview by the official reciever i would have to pay approx. £100 for 3 years. I was then told I might not have to pay anything by the case officier and then again I probably would. But I still have not heard anything and we are nearly half way through July so I was wondering what anyone else thought of this or what their expereinces of this were?

Would appreciate any comments.

R

[scaredkez]

it does take a while sometimes to set up the IPA, don't worry tho, it only starts from the day they ask for the first payment it is not back dated and then will run for 3 years, i am waiting to hear off them in regards to my nil tax code as i have to keep the tax back, which is now growing and looks good in the account but unfortunately its not mine.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[r.s]

Thanks for the reply - yes i recently recived a letter from HM Revenue and Customs stating from now on I will be on a NO tax code. Does this literally mean I have to keep all the tax? What happens regarding the National Insurance? Also I don't know how much tax i should pay so how do I know what to keep back? My wage has changed just before i was made bankrupt and i have only just recived the backdated wage but now i will not be taxed so i don't know how much it would normally be?

[MelanieGiles]

I suppose that no news is good news on that front! As Kerri says the payments are not backdated.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[scaredkez]

you pay your national insurance as usual, in regards to the tax i have based it on 20% and thats how much i keep back, they will probably ask for your wage slips to see how much has been earned my wages fluctuate so thats why i thought keep 20% back and i can't go far wrong, the only other thing was they never informed hubby he was on nil tax code and because of his job and working hours sometimes it is weeks before he picks up his wage slips and we have just found out he is on nil tax code so will have to work out when it started.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[Flowers2221]

Oh please help again! This nil tax code business? What's this all about? Can anyone suggest somewhere I can read up on what I need to know?

thanks again!
Flowers

[Skippy]

Have you tried the Insolvency Service website - www.insolvency.gov.uk? I found a lot of useful information on the site when I was thinking about bankruptcy.

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/

[MelanieGiles]

The nil tax code meands that you do not pay any tax from the time of your bankruptcy order until the end that particular fiscal year. This is due to Inland Revenue rules and regulations, and is unlikely to affect you unduly.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk