Whats this tax code

spandles

I work in an office as a receptionist and am a basic rate tax payer. Nothing else to add to that so... my payslip shows me paying a tax code of 769L. Surely this should be 810L for this tax year 12/13. Any thoughts or advice on what 769L is.

Thanks

dzug1

It suggests you owe tax for some reason - previous years, etc

Or it's just wrong

CLAPTON

a tax code of 769L means you only receive a tax allowance of 7690 rather than 8100

it usually means you owe some tax from the previous year or you have some benefits in kind or something similar

you should have received a notice of coding to explain it.

maybe tell us something of your circumstances ..
have you recently changed job ?

spandles

Thanks for the prompt replies. Been in the same job for a few years and only have an ISA so not sure why it is lower. I will phone them tomorrow. Thanks agin

Davide123

Any benefits?
Medical insurance, company car etc

CLAPTON

look back a previous payslips (and even last year's P60)
have the tax codes changed at all?

arthurdick

depends on your earnings..i just guessed £25,000, but you can type in the right amount and do this yourself.

The number 769 in your tax code...

The tax code you've input says your tax-free allowance was... £7690 - £7699 Based on ONLY the salary and age you've input,
your personal allowance would have been
(read more) £8105 Three steps to find your results

• Step 1: You may have overpaid tax.
  
  There's a difference of £415.00 between the tax free allowance suggested by ONLY your age & salary, and the one from your tax code.
  
  This is only a rough check, but it suggests UNLESS you have other income or deductions you could have overpaid/underpaid income tax.
• Step 2: Check for deductions.
  
  There are often legitimate reasons why there is a difference between the tax free allowance and you tax code - the main (but not only) ones are below.

• You have a company car
• You get other employee benefits (eg, medical insurance) - see detailed list
• This is a tax code for a 2nd (or 3rd etc) job
• You own a buy to let property
• You are also receiving a private pension
• You are receiving the state pension

However, even if they do apply that doesn't automatically mean your tax code is correct. It just means "your tax code shouldn't give the standard personal allowance for your age and salary", which it doesn't. If you feel there's a problem you may want to take this further.

• Step 3: How much you're owed if NO deductions fit
  
  That means if you are a basic rate taxpayer you could be owed a £83 rebate, up to £166 for higher rate or up to £187 for top rate.

The letter L in your tax code...

The letter L is the most common code, which says you are eligible for the basic personal allowance of £9,440 (in 2013/14). It can also be an 'emergency' tax code which HMRC can pull out of the bag when it is still establishing what code you should be on.

jem16

arthurdick wrote: »

depends on your earnings..i just guessed £25,000, but you can type in the right amount and do this yourself.

For anyone under 65 (66 from 6th April) your earnings have no effect whatsoever on your tax code until you get to earning £100k.