Tax code question
I’m asking this here first because HMRC take forever to answer the phone.
But my tax code was originally 1150 ( meaning that was my tax free allowance) and now it’s drastically reduced to 851LX which means my tax free allowance has reduced significantly.
My income hasn’t changed in over a year, the only thing is I’ve recently received a PD11 last month for my companies health insurance . My company the premium for this which is approx £2404 so I will pay tax throughout the year on this at 20% which is £480.
So that equates to an extra £40 a month in tax so I don’t understand the drastic decrease from 11400 tax free allowance to £8500.
Also when I had the 114 tax code, it said I was paying an extra £157 in tax to make up for last year ( which I saw was an extra £13 less in my pay check) but again that number doesn’t add up to subtracting away from the tax free allowance of 12,500
Am I going to be having 100s of pounds in tax being paid every month now? I’m really stressed but can’t talk to HMRC about it
But my tax code was originally 1150 ( meaning that was my tax free allowance) and now it’s drastically reduced to 851LX which means my tax free allowance has reduced significantly.
My income hasn’t changed in over a year, the only thing is I’ve recently received a PD11 last month for my companies health insurance . My company the premium for this which is approx £2404 so I will pay tax throughout the year on this at 20% which is £480.
So that equates to an extra £40 a month in tax so I don’t understand the drastic decrease from 11400 tax free allowance to £8500.
Also when I had the 114 tax code, it said I was paying an extra £157 in tax to make up for last year ( which I saw was an extra £13 less in my pay check) but again that number doesn’t add up to subtracting away from the tax free allowance of 12,500
Am I going to be having 100s of pounds in tax being paid every month now? I’m really stressed but can’t talk to HMRC about it
Quick Reply
Related discussions
- Paye tax
- Paychecks at work
- Should I pay taxes? Helppp
- Was my employer over taxing me?? Please help
- Should I pay tax as a 17 year old with a part time job?
- Tax
- How much should I pay for tax?
- P45
- Wrongly taxed
- Contact information for Tesco Payroll?
- Will i get taxed for two jobs
- Edexcel IGCSE - ICT Practical Paper
- Wtf is going on with my taxes? Am i being overtaxed at my employer?
- Twitch affiliate taxes as a 17 year old.
- Do you have to pay tax on your savings accounts?
- Does HMRC know about multiple bank accounts?
- Anyone working at tescos?I need advice
- Taxes Question
- Just received my settled status. Can I now get mantance loan?
- Parent living abroad
Latest
Trending
Last reply 1 week ago
I think I have a Cifas Marker on my name , can I still open any banks ?Last reply 4 weeks ago
Has anyone had their student finance paid into their partners or parents bank?Last reply 1 month ago
Introduction to UK Financial regulations and professional integrity SCAMTrending
Last reply 1 week ago
I think I have a Cifas Marker on my name , can I still open any banks ?Last reply 4 weeks ago
Has anyone had their student finance paid into their partners or parents bank?Last reply 1 month ago
Introduction to UK Financial regulations and professional integrity SCAM
