500T-1 Tax Code

[speed_monkey]

Hi All,

I have just recieved my second pay slip from work and it has the tax code "500T-1" on it..... I have no idea what this means and I do think it is incorrect.

Is anyone able to shed some light on this please as the HMRC website leaves a lot to be desired!

TIA

Ian

[speed_monkey]

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.

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

[speed_monkey]

Eric Mc said:

What was the tax code on the P45 given to you by your previous employer?

944L

[speed_monkey]

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?