765L Tax code?

zudecke

Hi guys,

My first salary at a new employer and saw the tax code as 765L / 1.

Bit worried as think I might have been emergency taxed.

Any help appreciated!

Z

chrisbur

zudecke wrote: »

Hi guys,

My first salary at a new employer and saw the tax code as 765L / 1.

Bit worried as think I might have been emergency taxed.

Any help appreciated!

Z

Certainly not the current emergency tax code. Did you have a P45 or sign a P46? Have you asked your employer where the code came from?

Who?_me?

Emergancy Tax code starts BR, this looks like a normal tax code for this financial year, but from the next one it should be something like 805L (not the exact figures), but this is your basic tax allowance. Unless you put your P45, they tax you, even if you haven't reached your peronal allowance, but you will then get it back. It is good you are on this code.

chrisbur

Who?_me? wrote: »

Emergancy Tax code starts BR, this looks like a normal tax code for this financial year, but from the next one it should be something like 805L (not the exact figures), but this is your basic tax allowance. Unless you put your P45, they tax you, even if you haven't reached your peronal allowance, but you will then get it back. It is good you are on this code.

Emergency tax code is currently 810L not BR that is basic rate tax.
The tax code quoted is not "a normal tax code for this financial year" that would be 810L on a cumulative basis, this code has been reduced for some reason and is on a week1/month1 basis.
Next years normal tax code will be 944L.
The tax you pay without a P45 will depend on what you earn and whether you fill in a P46 and what details you give on it. It may be no tax, the correct tax, undertaxed or overtaxed, no one can say without knowing the details. Whether this tax is refunded or not will depend again on the tax owed compared to the tax paid, again no one can say without the full details.

It may be good to be on this code or it may be bad without knowing the OPs full details no-one knows.

Who?_me?

What is an emergency tax code?

An emergency tax code is a code that your employer or pension provider uses on a special basis until HMRC has enough information about your income to enable HMRC to send them (and you) your correct code. It normally makes sure that you get the basic Personal Allowance (and therefore some tax-free pay) but doesn't take into account any other allowances or reliefs you may be entitled to. Your employer or pension provider will normally keep using it until HMRC tells them what your correct tax code should be.
The emergency tax code is set each year and is a number followed by the letter L. The number is the basic Personal Allowance (£8,105 for the tax 2012-13) divided by 10. The emergency code for 2012-13 is therefore 810L.
Depending on how it's worked out, you might also see '810L W1' or 810L M1' (meaning 'Week 1' or 'Month 1' - whereby you get a proportion of the Personal Allowance over the remainder of the tax year).
810L also happens to be the tax code you'll get if you are entitled to just the basic Personal Allowance but in this case it is not an emergency code and you will receive the right amount of tax-free pay. See the section 'When you might be put on an emergency tax code' to help you decide whether the emergency tax code might apply to you.

chrisbur

Who?_me? wrote: »

What is an emergency tax code?

An emergency tax code is a code that your employer or pension provider uses on a special basis until HMRC has enough information about your income to enable HMRC to send them (and you) your correct code. It normally makes sure that you get the basic Personal Allowance (and therefore some tax-free pay) but doesn't take into account any other allowances or reliefs you may be entitled to. Your employer or pension provider will normally keep using it until HMRC tells them what your correct tax code should be.
The emergency tax code is set each year and is a number followed by the letter L. The number is the basic Personal Allowance (£8,105 for the tax 2012-13) divided by 10. The emergency code for 2012-13 is therefore 810L.
Depending on how it's worked out, you might also see '810L W1' or 810L M1' (meaning 'Week 1' or 'Month 1' - whereby you get a proportion of the Personal Allowance over the remainder of the tax year).
810L also happens to be the tax code you'll get if you are entitled to just the basic Personal Allowance but in this case it is not an emergency code and you will receive the right amount of tax-free pay. See the section 'When you might be put on an emergency tax code' to help you decide whether the emergency tax code might apply to you.

If I remember correctly this has been pasted from the HMRC website and is an excellent summary of what emergency tax is, and is definately not BR tax as you first said. But this is irrelavent to the OP as they are on 765L week1/month1 which is not this year's emergency tax nor any past year as far as I can recall.

zudecke

Hi guys,

Thanks for the replies.

I definitely handed in my P45 before employment..

Should be ok then?

Cheers,

Z

chrisbur

zudecke wrote: »

Hi guys,

Thanks for the replies.

I definitely handed in my P45 before employment..

Should be ok then?

Cheers,

Z

What were the details on the P45?
Tax code? Was there an X after it?
Pay and Tax figures? What section did they appear in?

dawyldthing

have you underpaid tax at any point? I know mines gone down this year as they gave me a refund when they shouldn't have

zudecke

Hey guys,

Checked my P45 from my last employer and can see that mytax cde at leaving date was indeed the same, 765L..

However, just received a letter saying that from 6th April 2013 to 5th April 2014 will be 929L.

Can anyone explain what this means exactly?

Thanks,

Z

Tiglath

Did you get any taxable benefits from your previous employer? I know my tax code changes based on taxable benefits such as private health insurance, and I think (I could be wrong) that this is based on the benefits given during the previous tax year?