Wrong tax code at new job - am I meant to correct it myself?

martin2345uk

Okay... sooooo... I don't have to do anything and 1001L is correct for this tax year, is that what i'm understanding?

chrisbur

martin2345uk said:

Okay... sooooo... I don't have to do anything and 1001L is correct for this tax year, is that what i'm understanding?

Tax code to start with is 1267L and reduced by 266 places to 1001L
Tax will be paid at 40% on an extra £2660 which is £1064
Of course if your earnings change substantially then this figure may change but on roughly your currant earnings this adjustment will clear the underpayment.