Advice K117 Tax Code
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Rocky110
Posts: 2 Newbie
in Cutting tax
Good Morning,
I am new to this forum and looking for clarification on my new tax code.
I have been with my company just over a year and have had company car since i started Mid May 2014. However due to various reasons etc, my company car tax has only just started May 2015, which means i am paying last year and this years car tax, plus medical insurance (which has only just started) during this financial year! Hence my code of K117.
I earn £33500 a year with a pension contribution of 3%.. However, i got my pay for May and it was £1599, which is considerably less than salary calculators that i have used online (£1863 approx)
Have they deducted Aprils 2015 too within my May pay to claw some of it back? My pay for April 2015 was over £2000 fyi.
I hope that makes sense?
Thanks R
I am new to this forum and looking for clarification on my new tax code.
I have been with my company just over a year and have had company car since i started Mid May 2014. However due to various reasons etc, my company car tax has only just started May 2015, which means i am paying last year and this years car tax, plus medical insurance (which has only just started) during this financial year! Hence my code of K117.
I earn £33500 a year with a pension contribution of 3%.. However, i got my pay for May and it was £1599, which is considerably less than salary calculators that i have used online (£1863 approx)
Have they deducted Aprils 2015 too within my May pay to claw some of it back? My pay for April 2015 was over £2000 fyi.
I hope that makes sense?
Thanks R
0
Comments
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Have they deducted Aprils 2015 too within my May pay to claw some of it back? My pay for April 2015 was over £2000 fyi.
I hope that makes sense?
Thanks R
It certainly looks like that has been what has happened and if it is a cumulative tax code then that would be expected.
Was there anything after the K117 tax code like Mth1?0 -
Many thanks for your reply.
There was only K117.
I hope it is the case off collecting Aprils outstanding tax!0 -
The Salary Calculator makes your monthly take home £1893, I would imagine that you'll get that from next month and that as you suspect the extra deduction this month was because the tax code wasn't applied in April.0
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Good Morning,
I am new to this forum and looking for clarification on my new tax code.
I have been with my company just over a year and have had company car since i started Mid May 2014. However due to various reasons etc, my company car tax has only just started May 2015, which means i am paying last year and this years car tax, plus medical insurance (which has only just started) during this financial year! Hence my code of K117.
I earn £33500 a year with a pension contribution of 3%.. However, i got my pay for May and it was £1599, which is considerably less than salary calculators that i have used online (£1863 approx)
Have they deducted Aprils 2015 too within my May pay to claw some of it back? My pay for April 2015 was over £2000 fyi.
I hope that makes sense?
Thanks R
you should have received a notice of coding to explain your K117 tax code. What does it say?
what does you P11d say about he benefits for last year?
what was your taxcode for last year?
what is the taxable benefit for your car
what is the taxable benefit of the health insurance
if you K code has only just been applied then it will collect the tax due for both April and May so you low figure may or may not be collecting the tax owed from last year.0
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