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Your tax code could be wrong

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For years, people have been coming to us whenever they need help with financial matters. We are one of the top teams specialising in tax enquiries and investigations London has. We know that most people don’t like them. However, we work to ease your fears and make the whole process easier.

Millions of us don’t make the effort to examine our tax codes. As a result it could lead to people overpaying hundreds of pounds worth of income tax. If you obtain the correct code, the additional cost could be refunded into your account.

In the majority of instances, HMRC shall provide a code. Yet, mistakes can happen for all sorts of reasons. For example, you could have begun receiving benefits or a new job. Having the wrong code could look bad if an enquiry or investigation takes place.

What does the code look like?

If you’re unsure what they look like, these codes typically contain a mixture of letters and numbers. Pension providers as well as employers use them to determine how much income tax you need to pay.

Before your paycheck arrives in your account, employers take the necessary sum out of it. Most of the basic-rate taxpayers are able to earn £11,850 between April 2018 and April 19 2019 before they pay tax. This is the personal allowance. The allowance statistic, divided by ten, accounts for the initial four numbers on your code. A letter then follows this.

Those who believe their code is incorrect should contact HMRC right away. This way, you can put it right. You must have your National Insurance number and tax reference. It’s possible to find both on your payslip.

At Brian G Lonis & Co, we have experience with both detailed and simple enquiries. This makes us the best people to talk to if you want things to be easier. With us you don’t need to deal with the stress yourself.

As a top name for tax enquiries and investigations London clients can rely on, we know how to help in various situations. If you have any questions for us relating to this topic, you’re welcome to call us.