What is an OT tax code?
The tax code OT means that you have no tax free personal allowance.
Not having any tax free personal allowance can result in you paying more income tax than is necessary, because you don’t have a correct tax code.
Why do I have the tax code OT?
The main causes of being given the OT tax code are:
- You’ve started a new job and you can’t give your new employer your last P45 and didn’t complete a P46
- Your tax free personal allowance has been used up
- You have started with a new employer and couldn’t give them all the information they need to give you a tax code
How much income tax do I pay with an OT tax code?
The amount of income tax you will pay with the OT tax code is the same as if you had the emergency tax code of BR.
The percentage you will pay depends on how much you earn.
Normally you will pay 20% income tax on all of your taxable earnings
If you are a higher rate tax payer this will increase to 40%, and higher in some cases.
Am I due an OT tax code tax rebate?
If you have had an OT tax code it’s possible you will overpay income tax and be due a tax rebate. So, if you have had an OT tax code incorrectly in the previous 4 years, you could be owed a backdated tax rebate.
How do I change my OT tax code?
To change or check the accuracy of your OT tax code call HMRC.
When querying your tax code it’s recommended that you assess the rest of your tax position, to ensure you are claiming what you are entitled to because of your job. We can help review this for you so get in touch today by completing our easy online form below or call us on 01228 520477.
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