Tax Code Comedy

I have received my new tax code for this year, its apparently K347 not L302 which it was last year, they also list that I owe them some tax, shocked and concerned I read the rest of the letter to discover that the reason for this calculation is because and i quote

"we estimate your total annual income will exceed £112 950 for this tax year"

ha ha ha I fooking wish

I have called them and politely mentioned they have it a little wrong

lol. So when you buying me a few bikes then rich boy

I saw something on the news yesterday saying that they had published some wrong tax codes and people should keep a eye out.

[the_lone_wolf]

Originally Posted by Grinch

I saw something on the news yesterday saying that they had published some wrong tax codes and people should keep a eye out.

http://news.bbc.co.uk/1/hi/business/8478271.stm

Amazingly it was a government computer project that caused it

Now all we need is for your income details to be left on a London bus and the stereotype will be complete...

dont talk to me about tax/codes/rebates and the like

i first notified IR i'd overpaid in October 2008. Resent P60's and P11d's 3 times now. First time they lost them second time they sent letter back saying i owe THEM a grand. they've delayed looking into it as they had a computer change or system change middle of last year, then they write to me end of last year saying we've looked into it and we're quits, you overpaid and we've made up the balance in code changes. no sorry you haven't, i overpaid on my company car tax 3 years running due to an "admin" error, co2 emmissions were stated incorrectly.

quick to take it from me, not so quick to give it back it seems.

keep a close eye on them, they are by no means infalible!

Originally Posted by keithd

dont talk to me about tax/codes/rebates and the like

i first notified IR i'd overpaid in October 2008. Resent P60's and P11d's 3 times now. First time they lost them second time they sent letter back saying i owe THEM a grand. they've delayed looking into it as they had a computer change or system change middle of last year, then they write to me end of last year saying we've looked into it and we're quits, you overpaid and we've made up the balance in code changes. no sorry you haven't, i overpaid on my company car tax 3 years running due to an "admin" error, co2 emmissions were stated incorrectly.

quick to take it from me, not so quick to give it back it seems.

keep a close eye on them, they are by no means infalible!

exactly the reason I called them, it would be sorted out when the p40 went in but that is a month away or so yet and it wouldn't be sorted.

I think they owe my brother a grand!!!

[Dave20046]

How do you know if you're on a correct tax code? My tax code always seems to be changing and I'm sure I must have been on emergency tax a few years ago.

My neighbour discovered she was owed 13k in tax refunds the other month! Feel like it's something I should be keeping an eye on.

Originally Posted by Dave20046

How do you know if you're on a correct tax code? My tax code always seems to be changing and I'm sure I must have been on emergency tax a few years ago.

My neighbour discovered she was owed 13k in tax refunds the other month! Feel like it's something I should be keeping an eye on.

this is how i see it...this wont be explained very well...

your personal allowance is 6475, which means you can earn 6475 quids worth of pounds before you get taxed. this will be shown as a tax code on your payslip as 647L

i have a company car which (IIRC) costs me about 4000 a year. this comes off of my allowance making my pretax allowance 2475 so my code would therefore be 247L (i wish but healthcare and other "perks" see to that)

check online as to how much any perks your have at work "cost" you in allowance, if your code is anything different speak to IR.

Originally Posted by Dave20046

How do you know if you're on a correct tax code? My tax code always seems to be changing and I'm sure I must have been on emergency tax a few years ago.

My neighbour discovered she was owed 13k in tax refunds the other month! Feel like it's something I should be keeping an eye on.

listen to tax man is a good website,

the tax free amount for those under 40k a year but over 12k is 6450 a year or there abouts might be 6495 this translates to a normal tax code of 645L tax codes can have deductions or additions depending on previous paid tax amounts. Do some research then call the IRC.