Two Tax Codes | Help Needed

ratz

Thanks clapton and chrisbur. Just one more question:

I shouldnt be adding allowance: 747(5) + 112(5) from both P45 and P60?

For now, I have taken allowance as 747(5) only from P45. Also I noticed my P60 has tax code as 112T M1. The M1 is already there. DOes it impact the calculation.

jem16

ratz wrote: »

I shouldnt be adding allowance: 747(5) + 112(5) from both P45 and P60?

No you shouldn't. Your allowance is £7475 for tax year 11/12

For now, I have taken allowance as 747(5) only from P45. Also I noticed my P60 has tax code as 112T M1. The M1 is already there. DOes it impact the calculation.

The tax code doesn't impact the calculation. However it does impact the tax paid.

What happened to the p45 from the 1st job when you started the 2nd job?

CLAPTON

ratz wrote: »

Thanks clapton and chrisbur. Just one more question:

I shouldnt be adding allowance: 747(5) + 112(5) from both P45 and P60?

For now, I have taken allowance as 747(5) only from P45. Also I noticed my P60 has tax code as 112T M1. The M1 is already there. DOes it impact the calculation.

the details of the tax codes don't really matter now;
the incorrect taxcodes explain why the total tax is incorrect but it's all acedemic now


the essential issue is you are entitled to a tax allowance for the year of (only) 7475 against your total years income irrespective of how many jobs you have.