http://www.legislation.gov.uk/uksi/2...0142438_en.pdf
There is a lot of debate on various threads regarding bankruptcy, Voluntary Arrangements, etc.
I think it might be a good idea to consolidate thoughts here.
As an opener please see the above. This allows HMRC to sequestrate (remove) money from salary BEFORE you receive it. In other words the employer acts as unpaid debt collector.
This used to be used mainly for low level debt of up to £3k a year. From 3rd October, it can be used to collect £17k a year if your earnings exceed £90k. Earnings of less than that can have no more than 50% removed for tax debt.
I've previously mentioned this in connection with ideas about bankruptcy etc. I have more information on that which I will post later.
There is a lot of debate on various threads regarding bankruptcy, Voluntary Arrangements, etc.
I think it might be a good idea to consolidate thoughts here.
As an opener please see the above. This allows HMRC to sequestrate (remove) money from salary BEFORE you receive it. In other words the employer acts as unpaid debt collector.
This used to be used mainly for low level debt of up to £3k a year. From 3rd October, it can be used to collect £17k a year if your earnings exceed £90k. Earnings of less than that can have no more than 50% removed for tax debt.
I've previously mentioned this in connection with ideas about bankruptcy etc. I have more information on that which I will post later.
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