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Thread: Anyone understand tax codes?

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    Regular Member bigdave1701's Avatar
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    Default Anyone understand tax codes?

    For over a year the wife has earned more than me despite the fact that we work for the same company, have the same salary and same benefits. Her tax code is 815L (I'm assuming that translates into £8,150 personal allowance) but mines 797L (again assuming that means £7,970 personal allowance).

    why is my allowance lower when we we're essentially both on the same salary and both get the same health care package?

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    Regular Member Dai69's Avatar
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    Probably cos HMRC are a bunch of ******* who don't appear to be able to count, in my experience!!

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    Dave, have you owed tax from previous years or have any other beneifuts your wife does not receive.

    Yoiu should have received from HMRC a notice of coding explaining the tax code - if not contatc HMRC for an explanation

    I'm an accountant, so if you need any advice, please just PM me

    Andy

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    Regular Member 4eyes's Avatar
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    Quote Originally Posted by bigdave1701 View Post
    For over a year the wife has earned more than me despite the fact that we work for the same company, have the same salary and same benefits. Her tax code is 815L (I'm assuming that translates into £8,150 personal allowance) but mines 797L (again assuming that means £7,970 personal allowance).

    why is my allowance lower when we we're essentially both on the same salary and both get the same health care package?
    You need to find out from HMRC what the deduction is for - if it is for healthcare as you have said, your employer has a duty of care to inform HMRC of the correct information.

    The payroll department (if big enough) of your employer will complete a P11D if you earn more than £8,500 a year, see http://www.hmrc.gov.uk/forms/p11d.pdf

    You can check any of this by phoning the Self Assessment helpline, http://search2.hmrc.gov.uk/kb5/hmrc/...rd=OILdX1VAnlM

    Oh and your not re: personal allowances covers it being rounded down to the nearest pound, so you were correct in the amounts you identified. The 'L' at the end means you are eligible for the personal allowance, see http://www.hmrc.gov.uk/incometax/codes-basics.htm

    HMRC are often a pain to deal with, I deal with it for my Mrs. every time she gets given a company car (her company change them quite a lot) and deal with it for our friends who are in the same boat...

    The difference may have come from the package being the cost to employer at a market rate for the deal, and employer's/HMRC are typically poor in removing any P11D benefits and deducting old ones.

    'If your employer pays for your medical insurance, you'll usually have to pay tax on the value of the benefit. This is normally the cost of the insurance premiums.'

    Check that both of them are right with your employer!

    Hope that helps,
    Tom

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    Regular Member 4eyes's Avatar
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    Forgot to add, your annual notification of your tax code will tell you what the deductions are for, check that there's not anything additional they've snuck through on yours. If you haven't had one, it may have gone to your wrong address (you need to tell HMRC everytime you move).

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    Regular Member 4eyes's Avatar
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    Quote Originally Posted by peelmeister View Post
    Dave, have you owed tax from previous years or have any other beneifuts your wife does not receive.

    Yoiu should have received from HMRC a notice of coding explaining the tax code - if not contatc HMRC for an explanation

    I'm an accountant, so if you need any advice, please just PM me

    Andy
    I nearly am too (2 more ACCA exams to sit in December and I'm done if I've passed my June ones) - then I might be able to afford a VXR too!

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    Quote Originally Posted by 4eyes View Post
    I nearly am too (2 more ACCA exams to sit in December and I'm done if I've passed my June ones) - then I might be able to afford a VXR too!

    LOL, nice one 4eyes

    I've been qualified since 1996, my ACCA exams seem a distant memory!

    Stick with it fella, it will be worth it - I started in Practice,got qualified, stayed a while in practice then moved over to industry - best thing I did..................more money!! and still have my own private clients too - so the best of both worlds

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    Regular Member Big Knox's Avatar
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    Regular Member bigdave1701's Avatar
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    As far as I'm aware, I've never owed any tax? I've always been on PAYE as an employee (with the same company for over 3 years) and the only money we get from the Govt is a joint claim for our sons Nursery fees. I'll dig out what paperwork I have when I get home for lunch.

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