500T-1 Tax Code
Discussion
Have you received a detailed Notice of Coding from HMRC?
Is your employer applying a tax code based on a Coding Notice THEY have received from HMRC?
Are you a higher rate taxpayer?
Do you receive any substantial Benefits in Kind in your current employment?
Have you more than one employment?
Did you change jobs since 5 April 2013?
What was your previous tax code?
Is your employer applying a tax code based on a Coding Notice THEY have received from HMRC?
Are you a higher rate taxpayer?
Do you receive any substantial Benefits in Kind in your current employment?
Have you more than one employment?
Did you change jobs since 5 April 2013?
What was your previous tax code?
Eric Mc said:
Have you received a detailed Notice of Coding from HMRC?
Is your employer applying a tax code based on a Coding Notice THEY have received from HMRC?
Are you a higher rate taxpayer?
Don you receive any substantial Benefit in Kind in your current employment?
Have you more than one employment?
Did you change jobs since 5 April 2013?
What was your previous tax code?
My employer on my first pay applied a 0T-1 as I did not have my P45, since then I have given them my P45 and now have the 500T-1 tax code.Is your employer applying a tax code based on a Coding Notice THEY have received from HMRC?
Are you a higher rate taxpayer?
Don you receive any substantial Benefit in Kind in your current employment?
Have you more than one employment?
Did you change jobs since 5 April 2013?
What was your previous tax code?
No, sub £25k over £18k
No basic salary only
Yes, I left my job middle of June started new employment 17th June 2013
Previous tax code on my P60 is/ was 810L
Thank you
944L is the "normal" code for a person who has no complications to their tax affairs - such as having benefits in kind, clawback of old tax arrears, adjustment for restrictions to allowances or benefits etc.
It equates to the standard personal tax allowances for 2013/15 pf £9,440.
If the wages you are receiving under your new employment are not substantially different to what you had before and you do not have any Benefits in Kind, there is no reason why you should still not be on a 944L code.
It equates to the standard personal tax allowances for 2013/15 pf £9,440.
If the wages you are receiving under your new employment are not substantially different to what you had before and you do not have any Benefits in Kind, there is no reason why you should still not be on a 944L code.
Eric Mc said:
944L is the "normal" code for a person who has no complications to their tax affairs - such as having benefits in kind, clawback of old tax arrears, adjustment for restrictions to allowances or benefits etc.
It equates to the standard personal tax allowances for 2013/15 pf £9,440.
If the wages you are receiving under your new employment are not substantially different to what you had before and you do not have any Benefits in Kind, there is no reason why you should still not be on a 944L code.
Would a 2k salary increase have such an impact?It equates to the standard personal tax allowances for 2013/15 pf £9,440.
If the wages you are receiving under your new employment are not substantially different to what you had before and you do not have any Benefits in Kind, there is no reason why you should still not be on a 944L code.
A bit of a bump, but I'm just looking over my payslip from last month.
My income is 22,000 per annum, but my tax code is 500T.
After some research, it looks like this might be incorrect.
I completed my PGCE course in June and started working in July 14 at my current role.
My last UK full-time job was in 2010 as I worked abroad from August 10-August 13, so this is my first UK job since July 2010.
Is 500T possibly an incorrect code for me?
Worth a chat with HR tomorrow?
My income is 22,000 per annum, but my tax code is 500T.
After some research, it looks like this might be incorrect.
I completed my PGCE course in June and started working in July 14 at my current role.
My last UK full-time job was in 2010 as I worked abroad from August 10-August 13, so this is my first UK job since July 2010.
Is 500T possibly an incorrect code for me?
Worth a chat with HR tomorrow?
This year, I have to admit that some of the trickiest Self Assessment tax returns I've had to deal with were those where the individuals were mainly taxed under PAYE.
HMRC have also issued a statement this week saying that they are having problems reconciling tax codes for individuals who have more than one source of PAYE taxed income.
I would suggest that a lot more people should voluntarilly register for Self Assessment so that they can check - and correct - the mess HMRC seem to make of PAYE.
HMRC have also issued a statement this week saying that they are having problems reconciling tax codes for individuals who have more than one source of PAYE taxed income.
I would suggest that a lot more people should voluntarilly register for Self Assessment so that they can check - and correct - the mess HMRC seem to make of PAYE.
v15ben said:
Nope, have never done self assessment tax.
Will have a word with the HR guys today.
HR are likely to be of little use - payroll has to apply the PAYE code advised by HMRC, doesn't know why it is as it is, and cannot unilaterally change it.Will have a word with the HR guys today.
I'd suggest calling HMRC on 0300 200 3300 to discuss your PAYE code for 2014/15 and you'll need to look out for your P800 tax calculation later this year.
Id you remain on that PAYE code for the full year and it's your only source of income, you'll have overpaid about £600-700 for the tax year.
Edited by schmunk on Tuesday 20th January 08:37
Has the OP received a detailed Notice of Coding showing how HMRC has arrived at this code?
If he has, has he read it?
If he has read it, has he understood it?
If he understood it, was it correct or incorrect?
If it isn't correct, has he contacted HMRC using the phone number they give on the code for precisely that purpose.
If he has, has he read it?
If he has read it, has he understood it?
If he understood it, was it correct or incorrect?
If it isn't correct, has he contacted HMRC using the phone number they give on the code for precisely that purpose.
v15ben said:
Spoke to HMRC and they've sent an updated 1000L tax code to my employer.
Might be time for a bit of a refund I hope.
Thanks for the helpful advice!
You need to check that the code has been issued on a cumulative and not a Month 1 basis, otherwise you will not get your allowances for earlier months - check that code is "1000L" and not "1000L M1".Might be time for a bit of a refund I hope.
Thanks for the helpful advice!
Your copy of the code will say 1000L, but not mention whether its on a M1 basis!
David
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