roberto1820
New member
Had a look at my latest coding notice while filling out the return, and this one is well weird. Tax code assigned to me is
. The notes indicate that HMRC think I have income which would be untaxed otherwise (see below). This seems wrong, as I only have one source of income: my employment.
I am a high-earner (total above 150K including bonus this year), but I have also been stuffing my pension via salary sacrifice, to use up remaining allowance from previous years. I guess I have sacrifice approx 65K this year (I told payroll to pay me 3K per month net, and divert everything else to pension). But coding notice still says I have 0 personal allowance, and unpaid tax of 19K from previous year, whereas my previous return was for a small refund (again, due to large amount of Gift Aid during COVID times).
Do I need an accountant? Or will HMRC work work everything out properly once P60 for this year is filed?
Thanks for any help.
Code:
K2698 X
I am a high-earner (total above 150K including bonus this year), but I have also been stuffing my pension via salary sacrifice, to use up remaining allowance from previous years. I guess I have sacrifice approx 65K this year (I told payroll to pay me 3K per month net, and divert everything else to pension). But coding notice still says I have 0 personal allowance, and unpaid tax of 19K from previous year, whereas my previous return was for a small refund (again, due to large amount of Gift Aid during COVID times).
Do I need an accountant? Or will HMRC work work everything out properly once P60 for this year is filed?
Thanks for any help.
Tax Code K Shows that you have untaxed income which is more than your
tax-free allowance and needs to be added to your wages, salary
or pension so the additional tax can be collected.
Tax Code ending in X Shows we will review the tax you have paid after 5 April