Does anyone understand PAYE tax code (changed jobs)

[Batch]

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).

[4D]

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

[Batch]

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.

[Batch]

actually I think it's my maths. ignore me

[Bob's Orange]

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).

Sounds fishy to me.

[Nemo]

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.

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)

[Jimmy HaveHave]

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.

[Nemo]

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.

[Jimmy HaveHave]

£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

[Batch]

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.

Yeah, I realised my stupidity eventually!

[jayohaitchenn]

Sounds fishy to me.

Probably a red herring

[Batch]

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

there's a time and a plaice

[Batch]

...

[anglia red]

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).

This happened to a couple people I know ,when they contacted HMRC they were both listed as having two employers ,there old and new ones.

[Power to people]

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.