My IVA has finished. Will tax code change?

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Jonathan.63

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Post by Jonathan.63 » Sat Jul 23, 2011 11:47 am
My IVa has finished (awaiting completion cert)
will my tax code change now my IVA is over?
Im self employed (so have an accountant who does my business and personal tax returns) do I need to advise him that my IVA has completed?, and if so, do I tell him now, or when the certificate arrives? thanks
 
 

kallis3

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Post by kallis3 » Sat Jul 23, 2011 11:57 am
Hi and welcome to the forum.

Your IVA will have had no impact on your tax code at all.
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.
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luluj

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Post by luluj » Sat Jul 23, 2011 12:07 pm
well done on finishing your IVA ...now enjoy a debt free life !!! Your tax code is unaffected !
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

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plasticdaft

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Post by plasticdaft » Sat Jul 23, 2011 4:57 pm
Did your tax code change at the start of the IVA?

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

kallis3

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Post by kallis3 » Sat Jul 23, 2011 5:03 pm
It shouldn't have done Paul - only BR alters your tax code.
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
 
 

plasticdaft

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Post by plasticdaft » Sat Jul 23, 2011 5:45 pm
I wasnt sure if debts to hmrc may make a difference. I knew that BR alters your tax code.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

kallis3

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Post by kallis3 » Sat Jul 23, 2011 5:47 pm
Not sure about that Paul - don't know if the OP had any debts to HMRC.
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
 
 

langerbridge

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Post by langerbridge » Sun Jul 24, 2011 4:13 am
If you had HMRC debt outstanding then possible but this should of been added to IVA anyhow. As others say BR changes tax code an IVA shouldn't but this will largely depend on your own circumstances.
The road is 72months long starting September 2010.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 24, 2011 11:23 pm
Your tax code should not have been affected by the IVA at all - so there will be no change as a result of its conclusion.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Adam Davies

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Post by Adam Davies » Sun Jul 24, 2011 11:29 pm
Hi
Could they have reduced it by mistake to collect under payment ?
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Andam Davies
 
 

jpj

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Post by jpj » Mon Jul 25, 2011 7:56 am
Maybe the change just happened to coincide with my IVA!...I did owe HMRC money, that was included in my IVA.
Thanks for the advice anyway.
 
 

animaleyes76

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Post by animaleyes76 » Mon Jul 25, 2011 12:05 pm
Congrats on finishing :)
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