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Tax codes and replacing company car
F1fan2022
Posts: 2 Newbie
in Cutting tax
Hello
I am hoping for some help on my new tax code after I changed my company car.
I logged the change on HMRC after I changed my car in early September - my tax code moved from 479L to k582x and it’s now saying my tax free allowance is minus £5820!
I was expecting a slight change in my L tax code as the new car has a BIK of approx £1000 more. When I dug a little deeper it looks like the BIK amount for the full year is still being applied on my previous car along with the pro rated amount for my new car. I noted I incorrectly input my BIK amount into the salary sacrifice field on my previous vehicle - I called HMRC to explain this and they said my tax code is correct and that dates will update within a week.
It feels like something is not correct on this and hoping someone could offer guidance. My concern is that I’ll be incorrectly and heavily taxed on my next pay.
Thanks in advance. If you need any more details let me know!
I am hoping for some help on my new tax code after I changed my company car.
I logged the change on HMRC after I changed my car in early September - my tax code moved from 479L to k582x and it’s now saying my tax free allowance is minus £5820!
I was expecting a slight change in my L tax code as the new car has a BIK of approx £1000 more. When I dug a little deeper it looks like the BIK amount for the full year is still being applied on my previous car along with the pro rated amount for my new car. I noted I incorrectly input my BIK amount into the salary sacrifice field on my previous vehicle - I called HMRC to explain this and they said my tax code is correct and that dates will update within a week.
It feels like something is not correct on this and hoping someone could offer guidance. My concern is that I’ll be incorrectly and heavily taxed on my next pay.
Thanks in advance. If you need any more details let me know!
0
Comments
-
It is possible for someone to have two company cars at once.
So did you notify HMRC that the first car was no longer available or did you just notify them of the availability of a new company car?0 -
Yes I notified the end date of the former car. At present it’s showing as if I’ve the two! I wonder does this get automatically changed at some point or best to call again?0
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