Tax Codes For The New Tax Year 2013/2014
The new standard tax code for the 2013/2014 tax year is:
Many people will get a notice of coding which will tell you what your new tax code will be for the new tax year starting on 6th April. The notice of coding shows you the tax code your employer will use.
ARE YOU DUE A TAX REBATE?
Do you have one of the following job expenses?
- Do you buy your own tools for work?
- Do you wash your own uniform?
- Do you use your own car or public transport for work traveling to temporary work places?
- Do you pay membership into a professional body or union?
If the answer is “YES” then you could be due a TAX REBATE!
Why Have I Got A New Tax Code?
It is normal to get a new tax code each tax year. Your new tax code will reflect the amount of tax free personal allowance, any job expenses, company benefits and other income like a pension. You need to get a new tax code to make sure that your employer deducts the correct amount of income tax from your salary.
Paying Less Tax
The personal allowance is increasing to £9440 in the 2013-2014 tax year, meaning that you can earn more before paying tax. In theory if you are earning less than £41,450 per year you could be paying in the region of £260 less tax!
Check Your Tax Code
It is best to check your new tax code to make sure it is correct for your circumstances. It is worth questioning if the tax code reflects your job related expenses such as laundering of uniform, and other income like a pension.
What Do I Need To Do?
If you think your new tax code is wrong you can request a change by contacting HMRC.
Having an incorrect tax code will mean you can either pay too much or too little tax. If your tax code has been wrong in previous tax years you could be due a tax rebate. A claim for an overpayment of tax can be made for the last four tax years.
If you don’t receive a notice of coding ( P2 form ) your employer should still receive their own copy of your new tax code from HMRC. You should check your first payslip to make sure your new tax code has been used.
You do not need to do anything if you believe your tax code is correct.