Tax Codes For The New Tax Year

2013-2014 New Tax Codes & Tax Rebates

Throughout January, February and March HMRC will be sending many tax-payers new tax codes for the 2013-2014 tax year on a form P2, also known as a notice of coding.

The tax codes being sent out are PAYE coding notices. Those who have more than one job or a pension as well as a job may be sent more than one new tax code. This is normal and HMRC do not need to be informed if this happens.

Your new tax code will be used by your employer or pension provider from the 6 April 2013 to make sure you pay the right amount of tax.

Only those who require a new tax code will be issued one so there is no need to worry if you do not receive one.

If you do receive a new coding notice HMRC will also send a copy to your employer or pension provider. If you have an agent acting for you however they will not be informed by HMRC of your new coding notice so you will need to let them know of any change in your tax code.

Those who receive a company or personal pension and are enrolled for self assessment online, as well as employees who are enrolled for self assessment online, can view their PAYE coding notices electronically.

It is important to make sure your tax code is correct. If it is not you can overpay or underpay tax. If you overpay tax you could be due a tax rebate.

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