We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tax Systems | TAX | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 112.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 112.50 | 112.50 |
| Top Posts |
|---|
Posted at 21/3/2024 11:47 by mcunliffe1 Dope. When taking the tax-free limp sum (the quarter of your entire pot at that moment in time) it probably doesn't matter which month you do that as it's tax-free.My belief in taking a draw-down (where, say, I draw just £10k and of that, £2.5 is tax-free - the rest taxable) in March was flawed slightly. When I was with the Std. Life I drew-down six times. After the first draw HMRC allocated a tax code to S.L. and hence, all future draws used that as a reference. KNowing that code I ensured my draw-down avoided tax completely. To boost the amount I even took the 10% of my wife's £12,570 allowance as she was not in receipt of earning/pension at that time. Now, having moved to ii mid March 2023 and after having made my 2023 draw-down from S.L. I found myself wanting to draw-down for the very first time with ii this March. Until you have made that FIRST draw, HMRC cannot allocate a tax code to the pension provider (ii). A better idea, I now appreciate, would have been to draw-down £100 in January 2024. Pay the tax on the £75 (probably nothing) and then let HMRC allocate that tax code. Then, in mid March 2024 I could have draw-down the £10k as I did and paid appreciably less tax because of the code. You live and learn. None of that knowledge was obtained from HMRC. How much better would our lives be if HMRC was more communicative. |
Posted at 20/3/2024 17:38 by mcunliffe1 Hi mondex;I should state at the outset I am a retired programmer with no expertise beyond my own experience in pensions. I have decided not (at this point) to take the 25% of the ENTIRE pot as a tax-free lump sum. I do however take yearly (once a year) draw-down of a modest £10k (this time) frlom the £200k pot. To achieve that, Int. Inv. moved the £10,000 from my cash holding (I've purposely left about 45% of the pot in cash) into a secondary 'pot' still in cash and still in my SIPP. They then took £2,500 and paid me directly into my bank account and the other £7,500 went through their PAYE system and the amount after tax (£5547.94) was also paid directly into my bank account - both at the same time and as two transactions. I believe this is known as Receiving an uncrytstallised funds pension lump sum (UFPLS. Now, in your case you want the full £25k tax-free element and, presumably, leave the remaining £75,000 in the pension. This was also possible with Int. Inv. and should equally be possible with your provider. I suspect they crystallise the entire pot (£100k) and pay you the £25k tax-free. the rest may well grow but ANY further draw-down in any manner from that pot will then be subject to the full tax at that time. With my approach the remaining £190k in the pot may well grow over the next year (it had better do just that) and at any point I can seek a further draw-down in the manner I described I'd followed in early March. Or indeed, I could follow your option also. Suppose my £190k grew back to £200k by next March, I draw £10k again, £2.5 tax-free etc etc. In your case, your £75k may grow to £80k. You'd be taxed on all £80k if you then withdrew it. As I don't know which company has your pension you would be best to talk to them to arrange your 25% lump sum withdrawal. This is something I may well do myself when I approach 75 as I once believed there were tax implications about pensions being passed to beneficiaries before the gifter reaches 75 and after 75. Such may no longer be the case and it may all change anyway over the next 7-8 years. Hope this helps somewhat. |
Posted at 14/3/2024 23:52 by cassini I did my first SIPP (annual) withdrawal in March 2021 (end of FY) also thinking I wouldn't get taxed as though I'd be withdrawing that amount every month and of course... they taxed me as though it was an annualised monthly withdrawal.The tax office did refund me the overtaxation amount automatically before six weeks was up, to be fair. Once the new tax year started, the SIPP was been allocated its own tax code, calculated on what what other sources of pension income I had in play, and a single annual withdrawal no longer triggered an erroneous tax bill. |
Posted at 14/3/2024 15:49 by mcunliffe1 I learned something today that may be useful to some of you on here - or your friends, relatives etc.I rang HMRC to query why more tax had been deducted from my recent Pension draw-down lump sum than I expected. Turns out Month1 was used to tax me. My code 1257L implies I can earn £12,570 a year before I'm taxed. That's £1,047.50 a month. Some weird maths at HMRC caused most of my draw-down to fall in the 20% range and some in the 40% - overall, they taxed me just over 26%. This logic somewhat negates the benefit of my making a draw-down in the last month of a tax year. Next, as I am in receipt of my wife's 10% Marriage Tax Allowance transfer I have £1,257 extra tax allowance - she has the same lower allowance. I had thought I should return this back to her after 5th April 2024 to ensure she remains untaxed on her state pension in 2024/2025 tax year. Wrong! Had I left this 'return' to April 6th it would have been implemented only in the FOLLOWING tax year of 2025/2026. So, the HMRC agent returned the transfer allowance today as it will then be implemented in 2024/2025 year but still apply for THIS yax years calculation. Next, I'd assumed that as HMRC has no PAYE system for the state pension each pensioner being paid more than the £12,570 or in the event they are the gifter of the Allowance Transfer, £11,313 - they would be required to submit a self-assessment. Wrong! HMRC calculates the total amount they pay in pension, compared to the allowance the receiver has and writes to such people who owe them tax stating the amount due. The person is expected to mail a cheque or pay online. No self-assessment and no penalty letters. It was worth the 44 minute wait to speak to the very helpful HMRC lady. Thought some of you may also benefit from these findings. Cheers! |
Posted at 01/4/2023 07:39 by waldron Frozen taxes set to raise £25bn by 2027-28, says think tank1 April 2023, 00:04 High inflation has pushed up the projected revenue take from the Government’s personal tax threshold freeze, the Resolution Foundation said. High inflation has pushed up the projected revenue take from the Government’s personal tax threshold freeze to £25 billion by 2027-28, according to a think tank. With the 2023/24 tax year starting on April 6, the Resolution Foundation analysed the personal tax and benefit changes taking effect. Its report said: “Perhaps the most important piece of personal tax policy in 2023-24, though, is the decision not to raise the starting point for income tax and personal national insurance, nor the higher rate threshold. “These remain frozen at £12,570 and £50,270 respectively, and are set not to rise before April 2028. “If the usual CPI (Consumer Prices Index) uprating had happened this April, then those thresholds would be rising by 10.1% to £13,840 and £55,340. Perhaps the most important piece of personal tax policy in 2023-24, though, is the decision not to raise the starting point for income tax and personal national insurance, nor the higher rate threshold Resolution Foundation “For a basic-rate paying employee, that change would have been worth just over £400 (including national insurance, or £250 without), while a higher-rate payer would have gained over £900 overall.” The report looked at the potential difference to revenue from income tax and national insurance, if the two main tax thresholds went up in line with inflation each year, rather than being frozen. It said: “The six-year freeze as a whole is now projected to raise £25 billion in 2027-28.” Many benefits and the state pension are rising by 10.1% in the new tax year. More than eight million households receiving means-tested benefits will also benefit from enhanced cost-of-living payments in 2023-24, worth £900 over the next year. Pensioners and those receiving disability benefits will see their additional payments repeated in 2023-24 and many workers will benefit from a 9.7% rise in the National Living Wage from April. These increases will be crucial for low-income households to cover rising costs, the Foundation said. It said the average B and D council tax bill in England will rise by 5.1% in April, equivalent to £99, while low-income households that rent remain under pressure from the continued freeze of the local housing allowance. Higher-income households will bear the brunt of April’s tax changes, according to the Foundation, whose work is focused on improving living standards for those on low to middle incomes. The starting point for the top rate of income tax will fall from £150,000 to £125,140, while the dividend allowance and capital gains tax annual exempt amount are being cut. The dividend allowance is falling from £2,000 to £1,000 and then £500 next year and the capital gains tax annual exempt amount is falling from £12,300 to £6,000 and then £3,000 next year. The reduction in income tax thresholds and dividend allowance will cost the top 5% of the population £2,000 on average, equivalent to an income reduction of around 1%, the Foundation said. The myriad tax and benefit changes introduced this April highlight the challenges of such a patchwork approach to policy Adam Corlett, Resolution Foundation The Foundation said that, taken together, the tax and benefit changes taking place from April will provide significant support for lower-income households during the cost-of-living crisis. The poorest tenth of the population are set to gain £500 on average next year, compared with a loss of £100 for a typical household, and a loss of £1,500 for the richest tenth. Adam Corlett, principal economist at the Resolution Foundation, said: “High inflation has pushed up the projected revenue take from the Government’s personal tax threshold freeze to £25 billion a year – almost triple the amount forecast when the freeze was introduced.” He added: “The myriad tax and benefit changes introduced this April highlight the challenges of such a patchwork approach to policy, which relies on short-term support schemes, stealth tax rises, and an unfair council tax system. “Difficult decisions on tax and spending policies lie ahead, but policymakers should be honest with voters about the trade-offs of these decisions.” The Liberal Democrats are calling for the energy price guarantee to be cut to £1,971 and for the warm home discount and winter fuel payments to be doubled. This would be paid for through a windfall tax on the oil and gas companies and a tax on the bonuses of their senior executives, the party said. Lib Dem treasury spokesperson Sarah Olney said: “Now more than ever, hard-working people deserve a fair deal.” A Treasury spokesman said: “After borrowing £400 billion to help the country through the pandemic and (Russian President Vladimir) Putin’s energy price shock, we have had to take some difficult decisions to balance the nation’s books and to halve inflation this year. “To help families with the cost of living, we are providing £3,300 of support on average per household this year and next – funded through windfall taxes on energy profits. “For the first time ever, people can now earn £1,000 a month without paying a penny in income tax and national insurance. “Thanks to a decade of tax reform, we have taken millions out of paying tax altogether.” By Press Association |
Posted at 19/11/2022 11:23 by florenceorbis UK Capital Gains Tax Changes Deal Heavy Blow To InvestorsBy City A.M - Nov 18, 2022, 2:30 PM CST The Chancellor has slashed the exemption amount for capital gains tax and cut the dividend allowance in half today in a move that will strike a “heavy blow” to the UK’s entrepreneurs and investors. In the Autumn statement, Jeremy Hunt said the government would cut the dividend allowance from £2000 to £1000, with a further 50 percent cut due to come from April 2024, meaning that investors will now pay tax on dividends at a rate depending on their wider income. Entrepreneurs who pay themselves via dividends are also set to be hammered by the measures announced by Hunt today. A cut in the Capital Gains Tax threshold from £12,000 to £6,000 meanwhile is set to hit those with their cash outside ISAs and pensions tax wrappers, who will now pay a higher tax rate on their returns. Analysts say the dividend tax cut would choke off investment and dampen returns at a time when ministers should be encouraging investors to back UK firms. “A dividend tax that kicks in at just £500 of earnings by 2024 could disincentivize investing at a time when it is really needed to help the economy grow, and for millions of investors who are looking to do more with their money to stay ahead of the pernicious effects of inflation,” said Sam North, analyst at trading firm eToro. He added that slashing the allowance could lead to “unexpected outcomes” like people putting more money away from “typical FTSE income paying stocks to other growth focused – and typically riskier – investments elsewhere.” Analysts at Bowmore Asset Management said that the changes to capital gains tax and dividends were a “double whammy” against investors. “Whilst high net worth individuals are unlikely to feel much pain from this, for many small investors that increase in tax on dividends and capital gains is going to be significant,” said Charles Incledon, client director. “Cuts to this income could cause a real squeeze on the finances of many small investors, especially those who are retired and depend on dividend income from their shares. Bad news considering that we have a cost of living crisis at the moment.” By City AM |
Posted at 17/11/2022 15:00 by florenceorbis Autumn Statement 22: 'Double whammy against investors' with hit on dividend and CGT allowancesEmployers' NICs threshold frozen Valeria Martinez 17 November 2022 • 2 min read The government is halving the dividend tax allowance, Chancellor Jeremy Hunt has announced, falling from £2,000 to £1,000 next year and to £500 from 2024. The dividend allowance was introduced to help savers in 2017, explained Shaun Moore, financial planning expert at Quilter. Having initially been at £5,000, it has been frozen at £2,000 for the past five years, which covered the majority of savers' dividend income. The Chancellor's move will mean more people end up paying tax on their dividends, he said. "For a basic rate taxpayer, the reduction in the dividend allowance to £1,000 will mean they will end up paying £87.50 more in tax. Similarly, if you are a higher rate taxpayer this rises to £337.50 more in tax and £393.50 if you are an additional rate taxpayer. From April 2024, a basic rate taxpayer will pay £123.75 more, increasing to £506.25 and £590.25 for a higher rate and additional rate taxpayer respectively." Delivering his Autumn Statement at the House of Commons today, Hunt also said the annual capital gains tax exemption will fall from £12,300 to £6,000 next year, and then be cut to £3,000 from April 2024. "The cut in the dividend allowance and Capital Gains Tax threshold is a double whammy against investors," said Charles Incledon, client director at Bowmore Asset Management. "Cuts to this income could cause a real squeeze on the finances of many small investors, especially those who are retired and depend on dividend income from their shares. Bad news considering that we have a cost of living crisis at the moment," he added. Autumn Statement 22: Government unveils £13.6bn package to support business rates payers Think tank Capital Economics had said that another possible measure would be raising the dividend tax rate by 1.25 percentage points across all three tax bands, but Hunt did not confirm this in his speech. The chancellor also announced the government will freeze the employers' NICs threshold until April 2028. However, it will retain the Employment Allowance at its new, higher level of £5,000. According to Hunt, some 40% of all businesses will still pay no NICs at all. Meanwhile, the VAT registration threshold will be maintained at its current level until March 2026. Other measures include a series of "stealth" raids on income tax. The chancellor has also lowered the threshold at which people pay the 45p rate of income tax from £150,000 to £125,140. A month ago, Hunt, who was appointed Chancellor of the Exchequer on 14 October, ripped up the bulk of former chancellor Kwasi Kwarteng's Mini Budget, reversing nearly all the tax measures introduced in the 'Growth Plan' unveiled on 23 September. The measures he reversed included the £6bn cut in the basic rate of income tax, changes to dividend taxes, a VAT tax break for foreign shoppers and a freeze on alcohol duty. |
Posted at 29/3/2022 11:56 by la forge Published in:Investing 29th March 2022 Share dividends tax: why taking action NOW could help you avoid next week’s hike Updated: 29th March 2022 by Karl Talbot Share dividends tax: why taking action NOW could help you avoid next week’s hike A new tax year begins on Wednesday 6 April. From this date, the tax on share dividends will increase by 1.25%. However, if you’re worried about the tax hike, don’t despair. Here’s how you might be able to avoid share dividends tax by taking action ahead of the changes. What is share dividends tax? Share dividends tax applies to dividends received on shares. It also applies to any income you pocket from funds that invest in shares. For the current 2021/22 tax year, the dividends tax rate that applies to you depends on your income. Here’s the lowdown: Basic rate taxpayers pay 7.5% share dividends tax Higher rate taxpayers pay 32.5%. Additional rate taxpayers pay 38.1%. Importantly, you only pay the above rates on any dividends above the £2,000 dividends allowance. The allowance will remain at this level for 2022/23. How is share dividends tax changing from 6 April? The new tax year begins on Wednesday 6 April. From this date, the share dividends tax will increase by 1.25%. So, from 2022/23, the following share dividends tax rates will apply: Basic rate taxpayers will have to pay 8.75%. Higher rate taxpayers will pay 33.75%. Additional rate taxpayers will pay 39.35%. Again, these rates only apply to dividends you receive over the £2,000 tax-free allowance. How might you avoid the tax hike if you act now? Taxes aren’t often easy to (legally) avoid. Yet, share dividends tax is relatively easy to dodge for most investors. That’s because, aside from the £2,000 tax-free allowance, the share dividends tax does not apply to investments held within an ISA. For example, if you have a stocks and shares ISA and you earn dividends from it, they aren’t subject to share dividends tax. This applies even if the dividends you receive are in excess of £2,000. So, if you currently have non-ISA investments that typically return dividends over £2,000, it’s well worth considering whether to move them into a stocks and shares ISA. This is particularly important right now, given that the new tax year will also signify the end of the 2021/22 ISA allowance. The ‘ISA allowance’ refers to the maximum amount you can put into any type of ISA within a given tax year. If you don’t use your 2021/22 allowance before the tax year slams shut, you’ll lose it. In other words, you can’t carry it over to the 2022/23 tax year. So, it’s possible that if you act before 5 April, you could potentially shield up to £20,000 of your investments from share dividends tax. And then, from 6 April onwards, you can put a further £20,000 into an ISA for the 2022/23 tax year. This will protect more of your investments from share dividends tax and could even see you avoid it altogether. How else can you shield your investments from share dividends tax? Aside from putting your investments into an ISA wrapper, share dividends tax also does not apply to investments held within a pension. So, if you have retirement savings, such as a workplace pension, you might wish to consider topping this up. Are you looking to open an ISA before the end of the tax year? If so, take a look at The Motley Fool’s top-rated stocks and shares ISAs to find the right account for you. Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, nor does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions. Don’t leave it until the last minute: get your ISA sorted now! If you’re looking to invest in shares, ETFs or funds, then opening a Stocks and Shares ISA could be a great choice. Shelter up to £20,000 this tax year from the Taxman, there’s no UK income tax or capital gains to pay any potential profits. Our Motley Fool experts have reviewed and ranked some of the top Stocks and Shares ISAs available, to help you pick. Investments involve various risks, and you may get back less than you put in. Tax benefits depend on individual circumstances and tax rules, which could change. Karl Talbot Karl is a writer specialising in investing and personal finance content. He regularly contributes articles on savings, bank accounts, mortgages, and loans. He was previously a Personal Finance Writer for MoneySavingExpert. |
Posted at 07/9/2021 22:35 by waldron Published in:Investing 7th September 2021 Tax on share dividends to increase by 1.25%. Here’s what it means for investors Updated: by Karl Talbot | 3 min read Tax on share dividends to increase by 1.25%. Here’s what it means for investors The government has announced a 1.25% increase in the tax on share dividends that will apply from April 2022. The news comes at the same time as it was announced that National Insurance contributions will increase by 1.25% next year. The government says the rises will help fund health and social care in England. Both announcements are subject to a vote in the House of Commons. So if you’re an investor, what does the new tax on share dividends mean for you? Here’s what you need to know. How much tax is currently paid on share dividends? If you’re an investor, you currently get a dividend allowance of £2,000. So, if you receive dividends worth £2,000 or less, you don’t have to pay any tax on them. For dividends of more than £2,000, the amount of tax you pay depends on your income tax band. This is unless your investments are held in an ISA, in which case your dividend payments remain tax free. For non-tax-efficient investments, you must pay 7.5% tax on any dividends over £2,000 if you’re a basic rate taxpayer. If you’re a higher rate taxpayer, you must pay 32.5%, and it’s 38.1% if you’re an additional rate taxpayer. You can find more information on income tax bands on the gov.uk website. What are the changes to dividends tax? From April 2022, the government is implementing a 1.25% rise in the tax on dividends to help fund social care. Analysts expect that the move will raise up to £600 million, with the majority of payers coming from the top 10% of households. The new tax will not, however, apply to investments held within an ISA. Why has dividends tax increased? With a National Insurance hike of 1.25% also announced, many analysts feel that the dividends tax is a way for the government to show that it is keen to increase taxes on asset holders as well as those who rely on a working income. Critics of the National Insurance hike have repeatedly pointed to the fact that it will not apply to most pensioners, landlords or those living off income from assets, suggesting that only those relying on a working income face the burden. National Insurance, by definition, is also a regressive tax, meaning that an increase disproportionately impacts those on lower incomes. That’s because the amount of contributions you have to make, at a percentage level, decreases at higher incomes. However, critics of the dividend tax rise consider it a token gesture. That’s because the 1.25% rise won’t apply to investments held in an ISA. How has industry reacted? Commenting on the changes, Tom Selby, head of retirement policy at AJ Bell, says that investors should now take the time to examine their portfolios in order to ensure they aren’t inadvertently paying more tax than they need to. He explains: “The increase in dividend tax means people investing outside tax-sheltered wrappers like pensions and ISAs should review their portfolios to make sure they are making as much use as possible of their annual contribution allowances to keep their tax bills as low as possible.” Will the tax increase definitely go ahead? MPs will vote on the government’s health and social care plan, including the planned dividends tax rise, on Wednesday 8 September at 7pm. While a number of cross-party MPs do not approve of the proposals, the policy is expected to pass through the House of Commons. |
Posted at 15/3/2016 17:31 by pvb [N.B. No Edit]OK so possibly nobody is interested. Either because: 1. Nobody is interested 2. Everyone on ADVFN is already fully familiar with all this 3. Everyone on ADVFN already files a SA tax form 4. Or... ;-) But surely there have to be some Basic Rate Taxpayers on here who need to know and understand the new income tax system, due to come in at the start of the new Tax Year and how it could/might affect them. From 6th April this year Tax on income, such as interest payments and share dividends, is no longer handled 'automatically' for BR taxpayers and will in future be collected from you directly using the PAYE system, via adjustment to your annual Tax Code. So is your Tax Code correct? How do you know? Have you checked? Yes I know it's boring but you need to pay attention. WARNING What follows is based on my experience, is all only MY OPINION etc. and directed at BR taxpayers. I'm sure HR taxpayers can work it out for themselves and will anyway be filing a SA form (for now at least). I AM NOT ANY KIND OF TAX EXPERT. Anyways, here is a summary to date of 'what we know'. It's all about this, the governments plans for income Tax to go digital: This is the proper reason for the new personal £1000 tax free allowance on interest payments. Forget all that "help for hard working people" stuff, IMO it's real point is to take the majority of BR taxpayers out of personal taxation for interest - this makes the upcoming HMRC online taxation IT systems workable and also takes the political heat off the government if otherwise practically all taxpayers woke up and realised they faced a future of fiddling around with taxation and the HMRC. I assume everyone knows that, from 6th April this year, interest paid on cash accounts will be paid gross, no tax will be taken off at source. It will still be taxed (at 20% for BR taxpayers), but only above the new £1000 Personal Interest Allowance. Also, dividends will be taxed above the £5000 Dividend Allowance (at 7.5% for BR taxpayers). These taxes will in future all be paid directly by you, usually via the PAYE system. How is your Tax Code derived? Simple: Start with the Annual Personal Allowance (£11,000 - 2016/17) add on the personal Savings Allowance (£1000 - 2016/17). Total = £12,000 Then they start taking things off: Dividend Tax e.g -£225 (see below for an explanation of this figure) Interest paid gross e.g -£1500 State Pension (paid gross) e.g. -£7000 Result 12,000 - (225 + 1500 +7000) = 3275 If you are a BR taxpayer on the standard allowance then your Tax Code will be 327L. This is given to your main PAYE payer and they will take off ALL the tax due from your main PAYE income at the 20% rate (BRT taxpayers). The point of the above seems to be that effectively (assuming BRT) ALL the above can be taxed at the 20% rate (BRT on PAYE income, Savings Rate Tax on interest and also at 20% on the 'dividend income') and collected from your PAYE source - pay or pension. Hang on! Isn't dividend tax 7.5% NOT 20% (for BR taxpayers)? And what about that £5000 dividend allowance? Correct. That is why the 'dividend income' of £225 shown above is not the real taxable dividend you receive it is an adjusted amount derived from the actual figure you are expected to receive. It seems to work like this: say you are expected to receive £5600 in dividends during the tax year 2016/17 so, the adjusted figure in the Tax Code calculation is equal to 7.5/20 * (Expected Dividends - Dividend Allowance). So in this case: £5600 - £5000(div allowance) = £600 taxable dividends. Following adjustment by the ratio of the 7.5% Dividend Taxation rate and the 'normal' 20% basic rate we get: (7.5/20) * £600 = £225 And it is this 'reduced' figure that appears in the Tax Code calculation rather than the 'actual' £600 of taxable dividends above the £5000 dividend allowance, to be taxed at the 20% rate (for BR taxpayers). Neat huh? The point is, the interest and dividends used are those assumed or known to HMRC for the tax year 2016/17. IS IT CORRECT? Only you know or can estimate this in advance. But the figures shown on your recent Tax Coding Notice will be used to collect the tax from your income via PAYE in advance, not after you have received it. You need to check that it is reasonably correct or you can end up paying too much or too little tax during the year - it is no longer neccesarily 'automatic' even for BR taxpayers. At the end of the tax year any errors will need to be adjusted either by payments or adjusting the next years Tax Code. This will be done via the Online Personal Tax Account in future yeras, according to the government documentation. If incorrcet now you may get your Tax Code adjusted by filling in this form online: I did this as my Code was too low and I have had it raised. They aim to get back to you in 15 days. It seemed painless enough You can wait for your new tax code to be posted to you or look at your Online Personal Tax Account (if you have one). You can do this after registering using your Government Gateway Account credentials (if have one) or using the newer GOV.UK Verify service, which uses approved companies (eg Post Office, Verizon) as sponsors to guarantee you are who you say you are. Here is the Government Gateway route: First time you will need to register for the Online Tax Account - You need, DOB, NI number and likely a P60 as they asked me for details as a check. You need a phone for a one time PIN number sent by SMS every time you log on. This sytem is still in public BETA but will, presumably, 'go' from 5th April. |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
