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Been told you don't need to file a return? Then check your PAYE TAX Code!
MPwannasavemoney
Posts: 190 Forumite
in Cutting tax
If the tax man has told you that you need not fill in a tax return anymore then beware!
Whereas it looks like good news at first, if your tax code is setup to collect unpaid tax from previous years then you could end up being owed money by the tax man and not know it.
I only found out as I had some extra things to claim. So I filled in the online tax return and as part of this had to look at my notice of coding. After calculating how much tax I owe it became obvious that in a few months if my tax code is not changed then the tax man will be owing me.
Good tip to pass on.
Whereas it looks like good news at first, if your tax code is setup to collect unpaid tax from previous years then you could end up being owed money by the tax man and not know it.
I only found out as I had some extra things to claim. So I filled in the online tax return and as part of this had to look at my notice of coding. After calculating how much tax I owe it became obvious that in a few months if my tax code is not changed then the tax man will be owing me.
Good tip to pass on.
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