Am I on the right tax code? 543L

lydmr

hi dear expert,
i am on 543L, last tax year i was on 522L as normal,
the question is on my last payment (2 weeks)
the total income = 584.40 (before tax)
Tax = 75.20
N.I = 41.18

i ve checked my previous payslips, i used to pay £41 on total income £619 last year

this is cofusing, am i on wrong tax code?
or am going to pay more tax in this year for same income?

dmg24

I get that tax should be 12p less than that, which will probably even out somewhere along the way, but NI is correct.

lydmr

dmg24 wrote: »

I get that tax should be 12p less than that, which will probably even out somewhere along the way, but NI is correct.

well i am going to pay more than i used to pay before on same wages. it is a bit funny.

thanks for your help.

Savvy_Sue

This is the scrapping of the 10p tax band, as already explained.

Thanks to Gordon and Alastair, as soon as the tax codes go up you'll get more! From skimming the Chancellor's statement, it looks as if the codes won't change until September, we'll get a one-off increase of £60 then, and then £10 per month extra for the rest of the tax year.

richyrichyrichy

I have recently had my tax code changed from 522L to 543L. My net pay a month has gone up by roughly £30.

My question is that I have been working for the same company now for more than 3 years. Is this the right tax code for me? Or would I be entitled for some sort of a refund? Is the Emergency tax code used always if you are in full time employment?

discountmummy

richyrichyrichy wrote: »

I have recently had my tax code changed from 522L to 543L. My net pay a month has gone up by roughly £30.

My question is that I have been working for the same company now for more than 3 years. Is this the right tax code for me? Or would I be entitled for some sort of a refund? Is the Emergency tax code used always if you are in full time employment?

you are not on an emergency tax code, you are on the standard tax code the same as im on so it should all be present and correct!

chrisbur

lydmr wrote: »

hi dear expert,
i am on 543L, last tax year i was on 522L as normal,
the question is on my last payment (2 weeks)
the total income = 584.40 (before tax)
Tax = 75.20
N.I = 41.18

i ve checked my previous payslips, i used to pay £41 on total income £619 last year

this is cofusing, am i on wrong tax code?
or am going to pay more tax in this year for same income?

Your net earnings from last year to this should not have changed a lot. Your tax would go up about a pound and your NI down about a pound. If you take out the tax code increase affect then you are down about £1.50 or so each payday, so you will be well in pocket when the compensation comes in in September.
As your tax and NI are correct for this year I wonder if there was something affecting your figures for last year.
Were you working all year?
Can you advise total gross and tax for last year?

There is a tendancy to blame all changes on the loss of the 10% band, but often there are other factors to consider as well.

therealdessie

This is all good advice (I used to work in payroll), but I'd be surprised if you were on a week 1/month 1 from April since you should have been automatically put onto the cumulative code. Check with your HR dept and if necessary fill out a P46 to get a temporary code put in place while the situation is sorted out, if you're still not happy. An easy way to check is compare your tax to gross pay - if it's 23% you're not getting your allowance.

crazychatter

Thank you for your explanation! it has cleared some things up for me too! I wish they explained all this in school!

fengirl_2

crazychatter - trust me, when I was in HMRC we in the customer service team tried with numerous schools to go in and explain simple tax, but no one was interested.