Tax Code advice Plz!!!!

FlareStar

Hi everyone!!!!

i just started a new job ..... my first since leaving uni and i recently rec'd my new tax code and it was 0T...now my tax code knowledge is pretty basic....
1. my wage get taxed,
2. taxes are made of letters and numbers ...numbers usually x10 and shows what is the allowance before tax

however i have never seen the 0T code before ......i have read a little on it ....but to be honest i still dont understand what it means.....

so can anyone clarify this or give more info on this tax code will be greatly appreciated!!! :beer:

fengirl_2

Code 0T means the first £34,700 of your pay is taxed at 20% and the rest at 40%.
This code indicates that you have a large amount of untaxed income wich is included in your code number and it is negating your persnal tax free allowance. Did the Notice of Coding show how the code was made up?
What income did you have between leaving Uni and starting this job? Do you have any other income/benefits?

suso

Some codes have been issued with nil allowances, phone HMRC to advise and they will sort it out straight away, if this is your first job and only source of income, they will issue a new code and you should get it back any overpaid tax in your wages

FlareStar

thanks for the replys!!

fengirl wrote: »

Code 0T means the first £34,700 of your pay is taxed at 20% and the rest at 40%.
This code indicates that you have a large amount of untaxed income wich is included in your code number and it is negating your persnal tax free allowance. Did the Notice of Coding show how the code was made up?
What income did you have between leaving Uni and starting this job? Do you have any other income/benefits?

i didnt recieve a notice of coding when i got the letter , just one sheet of paper that basically said your new tax code for 2010/2011 is OT.

i had no income between leaving uni and starting this job

i have no other income/benefits

suso

ok your code for 2010/2011 (April 6th 2010 to April 5th 2011) is 0T, if you can hang on phone HMRC after the 31/1/10. Explain the situation and they will issue a new code to be used from April 6th onwards

What code are you on at the moment?, (its on your payslips) if its any different from 647L then don't wait, just call HMRC.

But at the moment, as its the deadline for self assessment, the queues are quite bad, expect to hang on for 10 minutes