Where do we stand with employees tax codes increasing this April ?

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xxxxx30

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Post by xxxxx30 » Sat Feb 25, 2012 9:27 am
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Hi, I'm currently 18 months into my IVA & was wondering if anyone knew were we stand with employees tax codes increasing from this April so everyone is entitled to earn £10k tax free? Do we need to pay all this extra income to the IVA or just 50%.
Thanks Diane
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kallis3

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Post by kallis3 » Sat Feb 25, 2012 9:28 am
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Hi Diane,

No idea on this one. I'd suggest waiting until you know what your extra income is and then speaking to the IP. Don't forget that NI is going up I think? Might cancel it out.
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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MRBLUESKY

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Post by MRBLUESKY » Sat Feb 25, 2012 10:05 am
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Hi the 2012 to 2013 personel allowance is going up to
£8105.The average worker will be aprox £10.50 a month better off,which will be swallowed up by inflation.
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kallis3

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Post by kallis3 » Sat Feb 25, 2012 10:28 am
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And the increase in NI contributions. My husband will be significantly worse off as his tax code is going down to 390!!!
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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TheMatrix

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Post by TheMatrix » Sat Feb 25, 2012 11:17 am
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The tax man giveth and he taketh away :-(
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
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Broke of London

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Post by Broke of London » Sat Feb 25, 2012 11:23 am
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My hopes were raised and dashed within seconds! Not much there for anyone to worry about!
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clarelm99

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Post by clarelm99 » Sat Feb 25, 2012 12:00 pm
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I know we shouldnt really talk polititcs but it makes me laugh "we are increasing the amount we allow you to earn tax free" BUT "we are also increasing prices on EVERYTHING else

OOOOO gee thanks our lovely government

XX
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MelanieGiles

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Post by MelanieGiles » Sat Feb 25, 2012 1:34 pm
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I would think that the £10 saving will be swallowed up in increases in council tax and water rates, petrol and housekeeping to be honest.
Regards, Melanie Giles, Insolvency Practitioner
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xxxxx30

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Post by xxxxx30 » Sat Feb 25, 2012 2:04 pm
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Thanks for everyone's responses. I was hoping to get more than £10 but nevermind.
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MRBLUESKY

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Post by MRBLUESKY » Sat Feb 25, 2012 7:17 pm
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Never mind soon be summer.[:)][8D]
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kallis3

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Post by kallis3 » Sat Feb 25, 2012 7:20 pm
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Makes no difference if your pay is somewhat down!!!
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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Foggy

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Post by Foggy » Sat Feb 25, 2012 8:23 pm
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font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles

I would think that the £10 saving will be swallowed up in increases in council tax and water rates, petrol and housekeeping to be honest.
Or increased pension contributions.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Broke of London

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Post by Broke of London » Sat Feb 25, 2012 11:16 pm
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Better than a kick in the teeth... I might try to save my £10 for Christmas - £120 sounds like something worthwhile.
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olydak

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Post by olydak » Sun Feb 26, 2012 9:01 pm
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Well it looks like it will be a kick in the teeth again for me, as i don't pay tax or insurance.

Regards David.
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Broke of London

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Post by Broke of London » Sun Feb 26, 2012 10:34 pm
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I wouldn't say it's a kick - if you don't pay tax or NI then surely it can't be hurting you? While it does benefit a lot of people.
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