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0T M1 Tax Code

nervesplice
Posts: 1 Newbie
in Cutting tax
Hi,
I've just re-located back to the UK after the several years of working aboard.
I've received my first payslip this month and have been put on a 0T M1 (Month 1) Tax Code.
I also received a bonus which pushed my monthly earnings into the highest tax bracket i.e. I wouldn't be entitled to a personal allowance and would be taxed at the highest rate if that was my regular monthly salary.
This is my first job in the UK during this tax year and I have no other UK earnings.
My overall UK earnings for the 2016-2017 Tax Year will be significantly lower so I won't be charged at the highest tax band and would be entitled to a personal allowance.
I'm assuming that when my P60 is issued at the end of this Tax Year I'll get a refund on the additional tax I've paid? Or will I need to chase HMRC and prove that I've been over taxed?
I really appreciate any help or advice anyone can provide.
I've just re-located back to the UK after the several years of working aboard.
I've received my first payslip this month and have been put on a 0T M1 (Month 1) Tax Code.
I also received a bonus which pushed my monthly earnings into the highest tax bracket i.e. I wouldn't be entitled to a personal allowance and would be taxed at the highest rate if that was my regular monthly salary.
This is my first job in the UK during this tax year and I have no other UK earnings.
My overall UK earnings for the 2016-2017 Tax Year will be significantly lower so I won't be charged at the highest tax band and would be entitled to a personal allowance.
I'm assuming that when my P60 is issued at the end of this Tax Year I'll get a refund on the additional tax I've paid? Or will I need to chase HMRC and prove that I've been over taxed?
I really appreciate any help or advice anyone can provide.
0
Comments
-
Speak to HMRC now (or at least before the end of March) and get a correct tax code issued so that your overpaid tax can be returned automatically.0
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indeed, get the tax code changed by HMRC asap and any refund will be calculated and refunded automatically as part of your pay over the rest of this tax year.0
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