LM1 tax code??

brooklyn07

I have just received a P60 from my current employment and the end of year final tax code is 999LM1.


Anyone know what this means? I have a pension of 5% which my employer pays for - I don't contribute anything towards this.
I have £640 private health care and a 2001 student loan which I am still paying for.


I am single and under 60.


I understand the 999 bit (although I have no idea if this is correct) but have never seen a tax code with anything other than L after it so not sure what it means!

dano17439

The M1 means that your tax is calculated on the months salary you receive and not a culmative amount since the start of the tax year. If your monthly salary stays the same every month then its not such a bit deal, but if not them contact HMRC to get further details

agrinnall

As this was on a P60 and therefore applied to your tax paid in 2015/6 you should check that what you have paid was actually correct.

What tax code do your payslips from April have on them? Is the M1 still present? If it is I'd suggest getting HMRC to remove it would be a sensible idea.

[Deleted User]

agrinnall wrote: »

As this was on a P60 and therefore applied to your tax paid in 2015/6 you should check that what you have paid was actually correct.

What tax code do your payslips from April have on them? Is the M1 still present? If it is I'd suggest getting HMRC to remove it would be a sensible idea.

Yes - although , as you know, it is the employers' duty to remove all M1 W1 from codes at the start of each tax year.

agrinnall

[Deleted User] wrote:

Yes - although , as you know, it is the employers' duty to remove all M1 W1 from codes at the start of each tax year.

Actually I didn't know, so I've learned something today :beer:.

MDMD

agrinnall wrote: »

Actually I didn't know, so I've learned something today :beer:.

Employers and payroll providers get sent a P9X each year although some do miss the bit in bold saying

Do not copy or carry over any ‘week 1’ or ‘month 1’ markings.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/497220/P9X_2016_.pdf