Update taxable income

Locornwall

For several years I have earned more in overtime, however moving departments and will stop earning overtime very soon. I noticed my tax code change and my predicted earnings are more than what I will earn. Should I change this and what affect will this have on my tax code etc?

Dazed_and_C0nfused

If you expect a significant change it is good practice to keep HMRC informed of your estimated earnings.

How this will impact your tax code is impossible to say as we don't know what your tax code is or the components which were used to arrive at the tax code number.

Locornwall

Thank you. I appreciate you cannot tell me what will happen, however would you say could abs normally should happen?

Dazed_and_C0nfused

For most people nothing will happen.

For some it will increase (improve) their tax code.

For others it will reduce (pay more tax) their tax code.

For example if you earn say £60,000 and have tax code 1257L and reduce your estimated earnings to £30,000 your tax code will highly likely stay the same.