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Tax code
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robert37uk
- Posts: 75
- Joined: 03 Jun 2007, 10:00
Tax code
Good evening everyone can anyone tell me who I can call to find out about my tax code.last week it was 1269L but this week it was K400/1 so i received £65 less . I do get a works pension also but get taxed on that separately. 20 percent Thanks if anyone can help .
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Jefferson Starfish
- Posts: 903
- Joined: 12 Aug 2011, 15:32
- Gender: Female
- Location: Greendale DO
Re: Tax code
HMRC
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POSTMAN
- SITE ADMINISTRATOR
- Posts: 32756
- Joined: 07 Aug 2006, 03:19
- Gender: Male
Re: Tax code
A K tax code means that you owe the tax man from the last tax year and you owe them more than your tax-free personal allowance, which is £12,750 for most people. Providing you with a K code means that HMRC is able to collect the tax owed from the previous year, in this tax year. This is done by inflating your current year income, for tax calculation purposes.
Why you may have a K tax code
There are a couple of reasons.
It could be because you’ve got a company car, which means you’ll need to pay some ‘Benefit-in-Kind’ tax. Or, your employer might pay for your accommodation, or you could get medical insurance as a benefit. These benefits (and there are a fair few!) are taxable. Also, it may be your state pension or tax owed in previous years was greater than your personal allowance.
https://brianalfred.co.uk/guides/what-i ... -tax-code/
Did you get something from Mybundle?
Why you may have a K tax code
There are a couple of reasons.
It could be because you’ve got a company car, which means you’ll need to pay some ‘Benefit-in-Kind’ tax. Or, your employer might pay for your accommodation, or you could get medical insurance as a benefit. These benefits (and there are a fair few!) are taxable. Also, it may be your state pension or tax owed in previous years was greater than your personal allowance.
https://brianalfred.co.uk/guides/what-i ... -tax-code/
Did you get something from Mybundle?
I Wrote-During Covid-Which is still relevant now
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
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loyalsnail
- Posts: 132
- Joined: 23 Feb 2011, 10:24
- Gender: Male
Re: Tax code
The only reason MyBundle items will impact on tax code for 2023/24 is if HMRC have got something wrong or have been misadvised by the employeePOSTMAN wrote: ↑15 Sep 2023, 14:52A K tax code means that you owe the tax man from the last tax year and you owe them more than your tax-free personal allowance, which is £12,750 for most people. Providing you with a K code means that HMRC is able to collect the tax owed from the previous year, in this tax year. This is done by inflating your current year income, for tax calculation purposes.
Why you may have a K tax code
There are a couple of reasons.
It could be because you’ve got a company car, which means you’ll need to pay some ‘Benefit-in-Kind’ tax. Or, your employer might pay for your accommodation, or you could get medical insurance as a benefit. These benefits (and there are a fair few!) are taxable. Also, it may be your state pension or tax owed in previous years was greater than your personal allowance.
https://brianalfred.co.uk/guides/what-i ... -tax-code/
Did you get something from Mybundle?
What tax code is being used for the Pension income?