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Tax code question
Hi everyone,
Just received my latest paycheque through the post and my tax code has changed from 944L C to 0T C, and my level of income tax has increased dramatically. I was wondering if anyone knew why this would be the case? I'm not back at work until tomorrow and I will be contacting payroll, but I thought I'd ask here in case anyone can shed some light on the matter before then. I have looked on the HMRC website but it's confusing me. I thought I may have been emergency taxed but that seems to be a different code?
The last time I seemed to be paying an unusually large amount of income tax was on my very first paycheque just over two years ago; then the code was 0T NC. I'm going to hazard a guess at it being something to do with the new financial year, but I only work part time and overtime is sporadic. My pay did increase by 1% a couple of months ago but that's it.
Feeling a bit daft asking, but just thought I would do before I can get in touch with my payroll department.
Just received my latest paycheque through the post and my tax code has changed from 944L C to 0T C, and my level of income tax has increased dramatically. I was wondering if anyone knew why this would be the case? I'm not back at work until tomorrow and I will be contacting payroll, but I thought I'd ask here in case anyone can shed some light on the matter before then. I have looked on the HMRC website but it's confusing me. I thought I may have been emergency taxed but that seems to be a different code?
The last time I seemed to be paying an unusually large amount of income tax was on my very first paycheque just over two years ago; then the code was 0T NC. I'm going to hazard a guess at it being something to do with the new financial year, but I only work part time and overtime is sporadic. My pay did increase by 1% a couple of months ago but that's it.
Feeling a bit daft asking, but just thought I would do before I can get in touch with my payroll department.
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What is the exact date of the payslip? As we're only on the 3rd day of the new financial year it's possibly not to do with that.
You really should ask and don't feel daft.
Thanks for replying
Well the good news then is that if this is a mistake then once you get this sorted out you'll get a tax rebate automatically through PAYE, if it was from the last financial year that wouldn't be possible and you'd have had to claim it back yourself.
http://www.hmrc.gov.uk/incometax/email-taxcode-wrong.htm
However, being on the wrong tax code means you might pay too much basic rate tax, ad your personal allowance wouldn't be taken into account.
When HMRC notify your company of your new tax coding, they should sort it out automatically, but do make a note yourself to check your payslip in March 2015, and compare your total income, and the total tax paid with what the HMRC says you should have paid - and if necessary, put in a claim for your rebate.
The form confused Me too, I'm not good with this sort of stuff. But asked my father to help me and we managed to find all the relevant bits needed. I too had to estimate what I will earn in the year, As I have a basic wage and only contracted to a certain amount of hours but this can change if I get asked to do overtime. Like this past pay month I did 70 hours which is way more than I am contracted too.
I'm glad you managed to get it sorted.