Tax Code - will I be better off

no_more_cards_for_me

My tax code is currently 670L. Will the changes for this year mean that my tax code changes to 770L (assuming nothing else changes).

Married, 2 kids.

Just put a new bike on the bike to work scheme at £69 per month (before tax) so I'm hoping I might be better off next month ?

thanks

suso

no_more_cards_for_me wrote: »

My tax code is currently 670L. Will the changes for this year mean that my tax code changes to 770L (assuming nothing else changes).

Married, 2 kids.

Just put a new bike on the bike to work scheme at £69 per month (before tax) so I'm hoping I might be better off next month ?

thanks

depends on your circumstances,

If you are a basic rate taxpayer then yes you will be better off, by approx 200 per year,
any benefits on NI will depend on you income level,

If you are a higher rate tax payer, no difference, because your tax free allowance has increased, but the amount of basic rate tax has been lowered, so you start paying higher rate tax sooner.