Hmrc Tax Codes

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feebletoe1492 | 20:53 Thu 25th Nov 2021 | Law
8 Answers
I'm PAYE. In what universe would I owe HMRC a tax rebate of £199, thus lowering my tax threshold by a couple of thousand this tax year?


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Let's just say since I turned 60 I have a small pension. Last month it took a hit because of the tax threshold... When I called HMRC it was a debt of £76 it's nearly £200...I have paid taxes all my life and never have been self employed.I just don't get it ..I guess I will call them again about these inconsistencies again.( Another 45 mins)
Did you mean to say rebate? That's when they give you money, which would be nice.
it usually means they have identified some income that you have not paid tax on. They then adjust your code to collect it over the current tax year.
Am sure theres a simple explanation. Is tax deducted from your pension at source? If thats a 'no' and your total income means your over the tax allowance you owe the tax due. If the pension was taxed at basic rate but your a higher rate taxpayer or will be when this extra incomes added on then you'll owe the differance.
they do a reconciliation at the end of the tax year
= formal add-up

so the paye code is by and large irrelevant in the large picture.

Mine goes all over the place and I think I have two ( and my pension tax code tries to take into account dividents from shares. it doesnt work very well )

[but I was over assessed for tax at £32 000 - no, not extra income of £32 000 to be taxed at 50% - £32 000
and it was all because the tax man's finger slipped !
So £200 just makes me laugh)
Question Author's more about me moaning about my tax code and them apologizing to put it right...but then charging more...I'm not gonna complain anymore otherwise it will be £32,000
Happened the other way round for me earlier this year, I had a tax rebate ( a nice one to ) the only thing I could put it down to was when I was furloughed the year before ( I didn't phone HMRC in case they had made a mistake and wanted it back ).

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