Income Tax Help

jimbo2010

Hi,

Can somebody help me regarding an income tax issue I am having? I received a tax coding notification saying my tax code had gone from 1263L to 421LX saying I owe £839 tax for this tax year. My income for the year will be £37,067 and I calculated my tax owed would be £4880 but HMRC are saying its £5726. Is there anything I can do for them to investigate this and is there anyway of deferring this or spreading it out over years as I cant afford to take this hit

[Deleted User]

Can you provide the breakdown as to how the code of 421LX was arrived at?

Dazed_and_C0nfused

jimbo2010 said:

Hi,

Can somebody help me regarding an income tax issue I am having? I received a tax coding notification saying my tax code had gone from 1263L to 421LX saying I owe £839 tax for this tax year. My income for the year will be £37,067 and I calculated my tax owed would be £4880 but HMRC are saying its £5726. Is there anything I can do for them to investigate this and is there anyway of deferring this or spreading it out over years as I cant afford to take this hit

Unfortunately there is insufficient information to know if it's right or wrong.

You need to provide a breakdown of how the tax code is made up.

And how many jobs have you had in the current tax year?

chrisbur

Details as above posts and also would be helpful if you could give details of last payslip for taxable pay to date, tax paid to date, tax code, and any pay/tax from last employment not included in these figures.  

jimbo2010

Taxable pay to date is £21613
Tax paid to date is £2429

Estimated income for year is £37,067
Tax code is 421LX, reduced by £8419 due to tax underpayment of £839.60

hope this helps

Dazed_and_C0nfused

jimbo2010 said:

Taxable pay to date is £21613
Tax paid to date is £2429

Estimated income for year is £37,067
Tax code is 421LX, reduced by £8419 due to tax underpayment of £839.60

hope this helps

To the same degree.

What tax period are those pay and tax figures from - tax month 5 or 6?

If they are month 5 you seem to have underpaying tax quite significantly and owing £839.60 could well be correct. Assuming tax code 1263L was the expected code.

Have you checked earlier payslips to see what tax code was being used?

jimbo2010

That is until 30th September, when I have looked my tax code was changed to £1024L in month 4 and has been that for month 4, 5 and 6

jimbo2010

Annual help anyone?

molerat

There is not enough information there to draw any real conclusions apart that on the face of it you have underpaid tax.

Is that £21613 taxable gross pay or is there pension deductions etc from that ? 

Does your on line tax account show more than one employment, does it show your correct estimated income ?

What does it show for "how your tax code is made up" ?

It should also show each pay amount with tax and NI paid.

A full list of each pay slip with tax codes may help.