Beneficial Loan tax for my mortgage - is this correct?

thebojangles

Hello,

Hoping someone can confirm if I’m right with the below

I have staff mortgage which is in the majority a beneficial loan
It is a mortgage in the name of me and my wife, but I am the staff member.

According to my P11D received today, the Gross Benefit for the last year is £5124.14

As I am a lower tax rate payer, I am presuming this means I have been taxed 20% (equalling £1024.83) spread over the past year from my salary?

Is this correct?

Thanks

fengirl_2

Without seeing your notice of coding for the year, it's impossible to say. The P11d is a statement of the benefits assessable on you for the year. You need to compare that to what was in your code number to see whether you have paid the right amoutn of tax or not.

reddevilled

Like fengirl says it is impossible to say without seeing your coding notice. However it is very common if you are basic rate tax payer in PAYE employment that you end up paying tax (at least in part) in arrears, as they base your coding notice for these sorts of things on what your previous years P11D said.

So when you get your new coding notice, you may well have a deduction for tax unpaid which is due to this benefit if that makes sense.