I wonder if that title is specific enough for the fussy bot.
I changed employers in Sept last year, HMRC kept overestimating my income thinking I was working the old job as well (despite having received my P45) Eventually arrived at a tax code they later decided was too low. Ended up on a K code and clobbered for tax for the rest of the year. (there was no bonus or other income that resulted in underpayment, I’ve truthfully stated my correct gross salary) It is what it is but I don’t want to start the new tax year with a K code. My understanding is that the K code is to ensure I pay correct tax in the current year without impacting next tax year.
Will I start next tax year with a normal tax code? Or do I have to do something to ensure this.
Please feel free to explain stuff like I’m 5, I absolutely hate our tax system and barely understand it even tho I’m gen X age group.
Thank you!
I changed employers in Sept last year, HMRC kept overestimating my income thinking I was working the old job as well (despite having received my P45) Eventually arrived at a tax code they later decided was too low. Ended up on a K code and clobbered for tax for the rest of the year. (there was no bonus or other income that resulted in underpayment, I’ve truthfully stated my correct gross salary) It is what it is but I don’t want to start the new tax year with a K code. My understanding is that the K code is to ensure I pay correct tax in the current year without impacting next tax year.
Will I start next tax year with a normal tax code? Or do I have to do something to ensure this.
Please feel free to explain stuff like I’m 5, I absolutely hate our tax system and barely understand it even tho I’m gen X age group.
Thank you!