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just got mine....BR basic rate..20%on all earnings .no allowance.wtf is all that about.
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Underpaid last year probably.
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Probably wrong. On the news earlier that HMRC had screwed up yet again.
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Have you got 2 jobs?
If so, the tax code is allocated to one and the other is BR. |
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£6,475 for 2010-2011
20% on earnings up to 37,500 40% on above 37,500 |
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onlyy 1 job...for the last 15 yrs.
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that should say of the taxable income after you deduct your personal allowance
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TMF...i used to have tax code 647l, so paid tax on every thing over £6,470. now its 20% on all earnings.
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leazes67
that is not possible unless you underpaid sh1tloads |
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Seems unlikely that you underpaid the exact amount of 20% the next tax years personal allowance. Suggests a mistake, as this is the code that is also used as an emergency measure when an individuals true tax code is as yet unconfirmed.
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Tax code errors could cost a 'huge number of people' over £1,000 a year, financial group warns
By Becky Barrow Last updated at 7:42 AM on 26th January 2010 Hundreds of thousands of workers could pay £1,300 too much tax next year due to a major Revenue and Customs computer blunder. A new system has sent out a stream of incorrect tax codes. Many employees have received two or three different codes in the post - and in some cases all have been wrong. Many workers could find they have lost money after being sent the wrong tax codes, the Chartered Institute of Taxation has warned Firms have reported a '100 per cent failure rate' among codes sent to them. A large number of pensioners are also likely to be affected. The administrative chaos means some people could be unfairly paying more than £100 extra tax a month - unless they spot the error. just found this. The Chartered Institute of Taxation has warned wage earners to check their code before the new financial year starts in April. President Andrew Hubbard said: 'Most people on PAYE (pay-as-you-earn) are used to assuming that what the taxman sends them is correct. 'Many file away coding notices without bothering to check them. This year, many are being given wrong information. If they do not alert the authorities that their code is wrong, they face paying too much tax, which they may never get back.' The Institute said many of the victims are people who have changed jobs in the past few years. HMRC is wrongly thinking that they have two jobs, rather than one. Mr Hubbard is calling for an urgent Read more: http://www.dailymail.co.uk/news/article-1245975/Tax-code-errors-cost-huge-number-people-1-000-year-financial-group-warns.html#ixzz0dk9Uk2sq |
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In a few cases the Revenue computer system has removed the personal allowance on the assumption that the person's income will be higher than £100,000.
Earners above this level will lose their personal allowance this coming tax year, in a measure first announced by the Chancellor in the 2008 pre-budget report. |
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ive worked for 25 years since i left school and always assumed the tax codes ive been sent have been correct.
for last 2 years ive had to do self assessment and got back about £2500 as apparently ive overpaid tax in these two years. i said to hmrc what happens if ive overpaid in previous years when i didnt do self assessment and they said ring us with your p60's and we can check them out so this is what i shall do |
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i was on the wrong code for a couple of years and got a very tasty rebate :)
well worth checking esp if you have two jobs or went from self employed to paye. |
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Got mine last week, they still seem to think i work for a Company i left in March 2009.
Whats the use of a P45, Pr!cks |
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Butterfly Collector
I'm in a similar position mate. According to my latest self-assessment I'm owed about £1.5k due to overpayments. I have previously been in employed positions and have never received a penny back. Coincidence? |