why a br code? confused!

burtonlee

Hi Guys,

Brand new member here, amongst clearing a few debts i have a few tax questions for you guys.

I moved job in feb this year and since starting my new job (inc. company car) i have been paying tax through PAYE on a BR tax code.

This is my only job, am I correct in assuming I am on the wrong code and have potentially over paid on my tax?

molerat

Def wrong code. Contact your tax office and they will sort it for you. You will have to claim seperately for last FY.

burtonlee

will i be due a rebate then?

molerat

Probably if you were on BR for Feb/Mar last year. You will need the value of your benefits, car etc, when you call them.

burtonlee

So one rebate for feb/mar and a seperate rebate from april to present?

I am totally clueless when it comes to tax

dori2o

burtonlee wrote: »

So one rebate for feb/mar and a seperate rebate from april to present?

I am totally clueless when it comes to tax

As long as your benefits are not worth more than your personal allowance and you are a basic rate taxpayer not a higher rate one then you should be due a repayment for each year.

Call HMRC on 08453000627 and have with you your P11d.

As long as you have not received Jobseekers allowance in the last financial year then the advisor should be able to do the assessment whilst you are on the phone. They will not however be able to tell you how much it is.

They will also be able to update your tax code, so make sure you have the company car details with you (they should be on the P11d).

Once your employer receives the new code, assuming you are not a higher rate taxpayer and your benefits are worth less than your personal allowance, then you will get a refund paid via your salary when your employer operates that new tax code for the first time

burtonlee

thanks for the advice, I only get a company vehicle (no fuel included) and it is a hybrid so I should imagine that my benefit it no substantial enough to eliminate all my personal allowance, we shall see though i guess

burtonlee

thanks for all your help yesterday guys, today i phoned the HMRC and got my new tax code 331L, so i have worked out the following

Gross Pay YTD: £9619.35
TAX PAID @ BR: £1923.87

I Should however have had a tax free allowance of £1379.16 tax year to date (all figures based on end of P5)

Therefore I should only have been taxed on £8240.18 and have paid £1648.03


so IF i can calculated things correctly I am due a rebate of £275.83 upto the end of P5




IS THIS CORRECT?

dori2o

burtonlee wrote: »

thanks for all your help yesterday guys, today i phoned the HMRC and got my new tax code 331L, so i have worked out the following

Gross Pay YTD: £9619.35
TAX PAID @ BR: £1923.87

I Should however have had a tax free allowance of £1379.16 tax year to date (all figures based on end of P5)

Therefore I should only have been taxed on £8240.18 and have paid £1648.03


so IF i can calculated things correctly I am due a rebate of £275.83 upto the end of P5




IS THIS CORRECT?

Thats correct. Any refund will be paid via your salary the first time your employer operates the new tax code.

burtonlee

thanks again, i guess this will be next month as get paid tomorrow, thus increasing the rebate owed.

how long does it usually take HMRC to notify my employer?

dori2o

burtonlee wrote: »

thanks again, i guess this will be next month as get paid tomorrow, thus increasing the rebate owed.

how long does it usually take HMRC to notify my employer?

depends on how they get their tax code notifications. Online about 48/72 hrs, by post 7-10 days.