Correct Tax Code?

Peterfwow

I have been unemployed since January of this year. I have not claimed benefits or tax credits. I started a new job 2 weeks ago. The tax man sent me a P45 to give to my new employer. The tax code on this P45 is 543L which I understand is the emergency tax code. I haven't given my new employer this P45 yet because I think the Tax Code is wrong. Is this the correct tax code for me? My money is so tight now I just want to make sure I pay the correct tax.

Many thanks in advance.

CLAPTON

543L was the standard tax code for all 'normal' people this tax year. However it has just changed to 603L.

Do you really mean the tax man sent you a P45 or do you mean they sent you a notice of coding?

What forms did you fill in with the new employer?

Peterfwow

Thanks for quick response. Yes tax man sent me a P45 'For completion by new employer' albeit he sent me it approx 1 month ago. I haven't filled in anything with my new employer. I have Not filled in a P46 with my new employer.

Would it be better if I filled in a P46?

riad_2

No don't fill in a P46... that will muck it all up with regard to your personal allowance, and the HMRC will seek it back etc, very messy!

The code on the P45 is correct and you should give it to your new employer. That way the tax will continue seamlessly from where it left off.

darcyvuqua

when did it change to 603L im still on 543L

System

darcyvuqua wrote: »

when did it change to 603L im still on 543L

It changed this month (September) so if you should see it on this months payslip

loofer

LoL:j:j

I just got my pay slip in the post 5 mins ago (very late post)

Noticed I had been paid £60 more than usual net. Gross was the same. Examined deductions and noticed that it it was £60 less tax deducted. I immediately checked my tax code at the top 0603L and compared it against the payslip for last few months 0543L.

Came on to this board to find out what's going on... see this thread and it answers my query....

woo hooo... what a Saturday afternoon:j

darcyvuqua

i hope im up this month then lol

ChequeredFlag

Hi all,
It is my understanding that the 543L changed to 603L on 6th September. Therefore if you are weekly paid, the wage you received on Friday 5th Sept would have been at the old tax rate of 543L, but you would have received a tax rebate in the next weekly pay packet due on 12th Sept. For Monthly salaries, you will receive your rebate in Sept pay.
How nice to receive a little extra in your pay packets!

Regards, Chequered Flag:j

lizzyb1812

For info: On the first pay day after 6th (5th?) September we should all be getting a change in our tax codes that will result in £60 extra being paid in the first pay packet after 6th September and £10 every month extra for the rest of the year. The government scrapped the 10% tax band at the begining of the year and has been forced to increase tax free allowances to compensate for this. So in September there are 6 months' worth of extra allowances reducing tax by £60 and then there will be £10 per month until the end of the tax year. But this probably won't last after March next year, so don't get used to it!

darcyvuqua

does this apply to everyone on the 543L band?