What Does This Mean Please?

SallyUK

My tax code is 503T - I looked up what the T part meant and it says:

T if there are any other items HM Revenue & Customs (HMRC) needs to review in your tax code


Can anyone explain what these are please?

Thanks,

Sally
x

whatatwit

It would appear that your tax code has been restricted for something and as such it needs to be reviewed to make sure the restriction is correct each year.
Do you receive any benefits in kind, or tips or are you repaying a tax underpayment from an earlier year?

SallyUK

Hi Whatawit

I'm not aware of any of these things that you've mentioned.

Sally
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whatatwit

Have you received a notice of coding, and do you have any other source of income that is not taxed or a part time job.

Is this code shown on your payslip?

Debt_Free_Chick

Are you a higher rate taxpayer claiming an allowance for mileage? Or do you have bank interest?

robnye

do you receive any kind of benefits with your job..... Car allowance, Fuel Allowance, Health Cl ub membership etc

SallyUK

Thanks for the replies.

I don't get any allowance with my job at all. I don't have any other part time jobs - my hours have recently been reduced from 45 to 15 but that only happened last week and my tax code has been like this on my payslips for the past year or so.

Sally
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Debt_Free_Chick

Call your tax office and discuss with them .... we can only guess. And we've not guessed right so far

Mikeyorks

With effect from 06-07 the P2 (Coding Notice) has been personalised. So either your 06-07 / 07-08 or the recent 08-09 P2 should show why a deduction has been made of several hundred pounds.
Your payslips will show the Code .... but only the P2 will give the detail of why it's lower than the norm?

jobbingmusician

And don't forget, one of the things it could mean is that the tax office has made a mistake!

There were some figures around 2 or 3 years ago suggesting that 25% of us were wrongly taxed.....:rolleyes: If there is nothing extraordinary about the OP's account, it does suggest she might have someone else's tax code.....

whatatwit

Sally, find your P60's for the last few years, or failing that, any old payslips.
Then, if you go to the HMRC site, you can find the Personal Allowance for those years and you can check if it agrees with your code, usually, you drop the last digit of the allowance and replace it with a letter. So, 4595 would become 459 L,T, H or whatever your letter is.

And as also suggested ring HMRC and ask how your allowance has been calculated.