Tax Code 86T

moomoo84_2

Hi,

I have just received a letter from HM Revenue sating that my tax code has changed from 719L to 86T, does anyone know what this means and if I will be therefore paying more tax each month?

Thanks z

Gettingtherequickly

Sadly for you, yes it means that you will be paying more tax. Did you get details from them as to why your code is being changed? It may be that you are one of those who HMRC are catching up on regarding previous underpayment, this may not be through any fault of your own. You need to find the reason for the change and if you feel that their details are incorrect, advise them asap. Alternatively, if monies are due, this may be the less painful way of making the payment as against a lump sum payment, judging by the differential in tax free allowances.