Tax codes BR and 747L

skyranger

Hi

Quick question as I do find tax - taxing

I started with a company 6 months ago and since then I have been on BR

According to the tax calculator and my p45 I should be on 747L.

Does this mean I have been over or underpaying tax?

Thanks

antrobus

skyranger wrote: »

Hi

Quick question as I do find tax - taxing

I started with a company 6 months ago and since then I have been on BR

According to the tax calculator and my p45 I should be on 747L.

Does this mean I have been over or underpaying tax?

Thanks

It means you've been overpaying tax. Go and talk to your payroll dept and see if they can explain why they're not using the tax code from your P45.

chrisbur

Overpaying.

Did you give your P45 to your new employer, if so then you need to ask what has happened to it?
If it is lost then ask for a P46 they should have asked you to complete on when you started if you did not hand in a P45.

skyranger

Thanks!

If I handed it back in - are there deadlines when these will kick in i.e. if I handed it in today would this be reflective quite soon in my paypack.

Also what would I need to do to get a tax rebate and again are there deadlines then?

CLAPTON

if your taxcode is changed to 747L before your next (March ) pay then the tax would automatically be corrected (ie. you would get a refund or tax reduction in your March pay)

however, if you handed in a P45 or P46 now your company might not be able to apply it before the payroll run deadline.

If it doesn't happened in March then you need to contact HMRC and get a refund

skooldaze

Also its worth noting that if it was for the year 2011 / 12 - you can receive the money back once the right individuals, for example Tax office and your company are informed (barring admin times)

It is only for this year 12 / 13 tax issues that you would have to wait till next March

TadleyBaggie

CLAPTON wrote: »

if your taxcode is changed to 747L before your next (March ) pay then the tax would automatically be corrected (ie. you would get a refund or tax reduction in your March pay)

This is correct, I got HMRC to correct my tax code a month or so ago (I'd been on 339L instead of 747L for the whole tax year). Just checked my March payslip and I've got a nice bit extra this month.

leskw06

Hi,

Didn't want to start another thread. I've possibly got an issue with my tax. I've recently moved jobs on my P45 it shows my tax code as 747L as does my payslip. I've paid tax of over 250.00 on one month's wage. When I've been on a similar wage a few years ago with the tax code of 603L I was only paying 157 tax. I've called HMRC and they seem to think that the overall tax paid for the whole tax year is correct. Anyone got any advice. Thanks

chrisbur

leskw06 wrote: »

Hi,

Didn't want to start another thread. I've possibly got an issue with my tax. I've recently moved jobs on my P45 it shows my tax code as 747L as does my payslip. I've paid tax of over 250.00 on one month's wage. When I've been on a similar wage a few years ago with the tax code of 603L I was only paying 157 tax. I've called HMRC and they seem to think that the overall tax paid for the whole tax year is correct. Anyone got any advice. Thanks

You need to give more details for anyone to tell you what is happening. From the P45 you need to give the gross tax and month number. For each month's wages in your new job that you have had so far give the same information that is gross tax and month number.

From what you have said the most likely explanation is that there has been an overlap of tax allowances when you changed jobs with your old job using your tax allowance leaving none for the new job; but can only confirm if above details are given.

bloomingflower

skyranger wrote: »

Hi

Quick question as I do find tax - taxing

I started with a company 6 months ago and since then I have been on BR

According to the tax calculator and my p45 I should be on 747L.

Does this mean I have been over or underpaying tax?

Thanks

Sorry to barge in on this thread :eek:

I just wanted to remind everyone that the new personal allowance from April 5/6th 2012-2013 will go up from 7,475 to 8,105.

>>http://www.hmrc.gov.uk/rates/it.htm

bhoqoN

I have just received a PAYE coding notice for 2012-13. My code is said to be just 7L. I am just wondering if this is right as code usually have more numbers i.e. 747L etc.