Now is the perfect time to check your new tax codes, which will apply from 6 April 2020, to ensure that you are paying the correct amount of tax.
HM Revenue & Customs (HMRC) often issues taxpayers with a new tax code every year in July following employers’ P11D submissions, and these codes should be checked to reduce under or overpayment of tax.
Please be aware that due to COVID-19 and changes to your circumstances, income and benefits may be different this year so your tax code may need updating.
You may be paying too much Income Tax or you could be hit with an unwanted bill at a later date if your tax code is incorrect – so it pays to check yours is accurate and doesn’t need altering.
Your employer or agent cannot change your code until they receive notification from HMRC, which can only be done once an individual taxpayer has contacted the authority and explained why the code needs to be changed.
This can easily be done online by via your Personal Tax Account, by clicking here or you can contact HMRC by phone or letter.
If you are unsure of whether your tax code is correct then make sure you contact us and provide us with the necessary information as we will not be able to obtain a copy of the tax code otherwise to check it is correct.