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February March Archives - Bankruptcy UK



Will the Official Receiver tell my job I’m bankrupt?

We are often asked the question “Will the Official Receiver tell my job I’m bankrupt? The answer is …Not directly, but if you went bankrupt earlier in the year (February / March) your company would almost certainly not be aware of it. The reason for this is that your tax code would not change to NT as is usually the case in bankruptcy, as there would be no time to set up the processes.

Its often very difficult for hard working honest people to overcome what they really consider to be a shameful personal experience such as bankruptcy. The reality is that sometimes a bankruptcy is essential in order to stabilise out of control financial circumstances. Really you shouldn’t let opinions of others stand in the way of something you need. Otherwise you are risking further personal suffering when all you are looking for is a fresh start.

Will the Official Receiver tell my job I'm bankrupt?

If you went bankrupt after April 6th, the Insolvency Service would advise HMRC to instruct the company you work for to change your tax code to ‘NT’ or no tax (without providing a reason as to why). The tax you would have paid is redirected to a different source and used to offset administration costs and to distribute among the creditors. This arrangement ceases at the end of the tax year and your tax code reverts to whatever it was.

Bankruptcy UK specialises in taking people through the bankruptcy process in a straightforward manner. We will assess your circumstances then submit the bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for an informal chat on 01425 600129.

Do I still pay tax when bankrupt?

Your tax code will change to NT (No Tax) for the year you are bankrupt and the money you would have paid is redirected to cover the Insolvency Service’s administrative costs. The only exception is if the bankruptcy takes place around late February / March, as these arrangements have to complete by the end of the tax year.

You will be told how and where to pay the money. Don’t be concerned about your company knowing about the bankruptcy, as there are many reasons why a tax code might change and they will not be given a reason.

If you are considering bankruptcy, we will help you throughout the process and submit your application online. Court appearances for bankruptcy are no longer required. Feel free to call us for a chat or for bankruptcy help on 01425 600129.



Bankruptcy UK

Bankruptcy UK