Emergency Tax

saving_noobie

I have just had a look at my last 2 P60's and noticed that on the most recent one It says my final tax code is 647L M(possibly with an additional number or letter but it ran out of space to print).

The one before that says final tax code 603L W1.

From what I understand, these are emergency tax codes. Does that mean that for the last 2 years I have been taxed more than to be expected?

I'm not getting my hopes up but would love to hear some opinions on this.

:A

Caz3121

they are not emergency tax codes...647L will mean you can earn 6470 before paying tax...this is correct - emergency tax is BR

saving_noobie

I did have BR code on my first payslip 2 years ago. Would that that been sorted out the following month(s)?

Caz3121

saving_noobie wrote: »

I did have BR code on my first payslip 2 years ago. Would that that been sorted out the following month(s)?

yes tends to be sorted out during the tax year
if you go onto http://listentotaxman.com/ and put in your gross earnings and tax code it should show you what you should have paid and you can compare it to what you did pay

patanne

It may not have got sorted out if after being on BR you were put on week 1 or month 1. This is what it seems to say on you P60s. Week 1 (or Month 1) takes tax from each pay period as if it were the first pay period of the year which would mean overpaid tax was not refunded. It seems strange to be on that code at the start of a second year with an employer though. As Caz says go on listentotaxman and it would be interesting to know the outcome.

saving_noobie

Using that tool, it seems to me that there is indeed a discrepency. But it is confusing... I decided to give HM Rev a ring and they told me that it looks like there is a refund due. But they said I needed to get hold of a P45 from an employer over 2 years ago to process a claim for that tax year. So thats the next step. Looks promising though.