New tax code for 2007/2008

jem16

This month's tax seems about right. Last month's seems to be about £50 less than it should have been.

Perhaps phone HMRC and ask might be best.

electrodent

tigtag02 wrote: »

electrodent the £435 is per month for NI calculations. And yes NI is calculated on your gross earnings.

Jem has answered your pension question.

Do you have your P60 yet?

Thanks for the advice. Yes I have had my P60, I'm trying to make sense of it

Hoddie_2

Thanks for the advice. Yes I have had my P60, I'm trying to make sense of it

How much less is your P60 'total for year' figure divided by 12 (ie a monthly average) than the first pay of 2007/08 (assuming the P60 contains details of all your income for the previous tax year)? Is the 'final tax code' on the P60 503LX or 503L M1?

mstar

hello guys

sorry my broadband router is broke got a new one so back on here :-)

yes i did earn more last year but that was due to a relocation allowance as my company moved premises and that was only for 6 months (sep06-feb07) and that was only temporary not a pay rise. i had a bonus in march of £1400 (before tax). however does this now effect my tax for 07/08? as i still got taxed when i had my relocation allowance and i am getting tax more now. my salary is 35k

mstar

anyone any ideas?

jem16

Phone HMRC and ask.

mrsS_2

I may be wrong, but I believe that new coding notices are applied from 6th april each year, but some of payroll packages (such as Sage) dont put in the changes in tax bands until the period ending after 18th May.

So, theoretically, if your company has this type of payroll package, any adjustments to your net pay will go through the may payroll and then the monthly amount will be correct in June.

mstar

ooh ok so if i over paid (?) in april or may i will get that back in June?
I guess i am unsure do i ring my employer or HMRC?