HMRC launches PAYE code tool
HMRC has launched a new online tool to help you understand your PAYE code. What is it and how can you use it?
Your tax code is what your employer or pension provider uses to deduct tax from your payments. When changes are required, you are sent a P2 coding notice showing how the code is worked out. The notice can be confusing, and cause worry. HMRC has launched a new online tool to help you. You need a few details to use it, namely your:
- tax code
- annual income, before any deductions
- company benefits details (if any)
- State Pension amount (if any).
In some circumstances, you may find you need to change your code, and the tool directs you to the relevant service to do this.
Related Topics
-
Deadline to pay Class 1B NI
-
Company owners' personal tax affairs under scrutiny
Company owners are being urged to check their personal tax affairs as a new compliance campaign focuses on transactions between limited companies and the people who control them. Loans, personal expenses and the use of company assets are among the areas attracting attention. Could you have overlooked a tax liability?
-
HMRC speeds up National Insurance refunds
HMRC has confirmed that it is using a new automated process to speed up National Insurance refunds. Where its records suggest that someone may have overpaid, HMRC will write to them asking them to check their employment and contribution details before any refund is processed. Could you be due money back?