Thetownend.com

Long and  shot, changed jobs, got an oddly low tax cod through, trying to understand why! Would prefer to PM this to someone as don't want to put financials over (though its not that sensitive in the grand scheme).

Sign up to the government gateway, you can see your tax code and how it's calculated. Probably a benefit like health scheme etc?

Well yeah, I changed jobs so the health scheme isn't dissimilar between both, so I can see £1700 for that.

What I don't get is the extra 2k+ off the personal allowance to pay back an estimated £480 shortfall. I get we only have 5 months left in the tax year mind. Maybe my maths is screwy (tax code will be 850l)

I'm sure it'll all shake out in the wash, I'll do a self assessment in April.

actually I think it's my maths. ignore me

Sounds fishy to me.

Basic rate tax is 20%, so to pay back £100, you'd need to lose £500 from your personal allowance, right? That seems like it works maths-wise.

And I think personal allowance only affects the point at which you start paying basic rate, any higher rate thresholds don't move (i.e. you pay basic tax on a higher amount of your overall salary, but higher rate on the same level as before)

Does anyone know how much you can go over the £1000 savings threshold before you you have to fill out a self assessment form rather than next years PAYE going down.

£10k

https://www.gov.uk/apply-tax-free-interest-on-savings

You need to register for Self Assessment if your income from savings and investments is over £10,000. Check if you need to send a tax return if you’re not sure.

Cheers Nemo much appreciated

Yeah, I realised my stupidity eventually!

Probably a red herring

nooooooooo it's happening again.... typo induced fish puns....

there's a time and a plaice

...

Tax office are awful, wife has been in few different jobs for various reason and they mucked up her tax code despite filling the the form to say not 1st job in tax year etc so she underpaid despite talking to them to check it, they end up changing tax code to pay it back equally.

So far she has had 2 tax rebates and will probably get another next year - bit like a savings scheme but there is no interest added, will tuck the money away though for when they come back and say we should not have given that to you you owe us money.

I had a letter from HRMC saying I owe them £157 just wondering what most do in this situation either pay it off now or let them take it from PAYE next April staggered over 12 months.

Get your tax code adjusted

Is that the best option

Just tell them to take it by PAYE if you're earning. There's no interest to pay for ages & they give you notice, no sense in giving the tax man money early.

Cheers Jevs

If you pay them they can then pay me the £157 quid that the letter sent to me the other day said!

Had two tax rebate letters in the last 10 days!

If me paying them now guaranteed you to get your rebate sooner I would :D