Tax Code 503L - Good/Bad/So What? :)

JasonW_2

Hi, I've started a new job having gone from a job with company car to one without through choice, and just received second wage slip and last tax code was 403L, now this is 503L. I'm a thicko with tax and can't make sense of the IR site, but can anyone tell me if this a good or bad code in general?

If it makes any difference, I didn't get a p45 til ages after so filled in a p46 instead, so think I avoided the emergency tax.

Thanks
J

stressedoutmumof1

Hi, not sure where the tax code 403L came from. But tax code 503L is the tax code that most people are on - so that's fine. HTH

JasonW_2

Thanks, puts my mind at rest

ctm_2

Actually it may be bad advice telling you that all is fine.

If you had a company car for part of this tax year, and are now on a 503L code, then you will end up having not paid enough tax at the end of the year. Contact your tax office and ask them what code you should be on (make sure they know that you have changed jobs and no longer have the company car. They will probably ask what date you handed the car back) and they willt ell you, and issue you and your employer with a notice of coding to ensure that you do pay the correct amount of tax.

JasonW_2

Hi, I told them I was giving the car back a week before I actually did it (start of July), but will call them to make sure they have the right info. I hate paying tax but especially so when it's more to make up for a "my" mistake.

They know I have changed job as well, and they did sent me a new code a couple of weeks after I left my old job, but the code is now different again, thats why I asked. Can't remember the old code, it's just a complete minefield, and I no interest in tax whatsoever I must admit, my brain just won't let me learn it, but I appreciate those who do know it, so hence asking for advice.

Thanks

J