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Which tax year do I declare this in?
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So a DB payment payable on 6th was in my bank on Thursday 2nd. If it is credited for 25/26, the payment will trip me to higher tax rate and reduce interest allowance.
The payee has applied a bizarre tax code not this years and not next years and the payment doesn't yet appear in the PAYE app, only shows this years payments.
I can only assume the year end being over Easter is causing many issues that might need resolving in the next few weeks.
Your life is too short to be unhappy 5 days a week in exchange for 2 days of freedom!
One can always make more money. No one who has ever lived can create more time.0 -
Are you of the people getting a new code for 2026/27 in connection with the new Winter fuel tax charge?
You can see both the latest codes HMRC have calculated for this tax year and next tax year on your Personal Tax Account.
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Nope
Extra characters needed.
Your life is too short to be unhappy 5 days a week in exchange for 2 days of freedom!
One can always make more money. No one who has ever lived can create more time.0 -
Not sure what you mean by extra characters needed?
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Posts have a min character limit.
I couldn't just say no!
Your life is too short to be unhappy 5 days a week in exchange for 2 days of freedom!
One can always make more money. No one who has ever lived can create more time.1 -
Thanks, I had no idea about the gift aid situation!
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Got it!
So they have used a code that is different to any of the ones you have received details of for this tax year or next.
And it's not either of the ones currently shown on your Personal Tax Account for this tax year or next tax year. That is unusual.
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Relief at source pension contributions have the same effect. They don't reduce your taxable income, but do increase your basic rate band.
And you get basic rate tax relief added to your pension by the pension provider.
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You can request paper statements from HMRC
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When it arrives in your current account is irrelevant, what matters is when it was credited to your NS&I bond.
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