My acccountants have put me on the emergency tax code (543L) despite me sending them my paye coding notice. Yet another blunder which I am losing the will to chase up again - should I? It will all even out in next years SA anyway.
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Last edited by moorfield; 2 May 2008, 14:14. -
The emergency tax code is 543L...It's about time I changed this sig... -
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Emergency tax code is BR. 543L is the normal tax code.Originally posted by MrRobin View PostComment
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No it's not.Originally posted by Sockpuppet View Post
http://www.hmrc.gov.uk/paye/intro-un...ngtaxcodes.htmComment
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BR = deduct tax at basic rate from all income. Used e.g. for a second job where the first takes you into basic rate tax and the 2 together do not take you into a higher bracket.Originally posted by Sockpuppet View Post
543L is a normal tax code with £5439 of tax-free allowance.Comment
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How confusing! I have just checked my tax code and I am on 543L too. i think this is the correct code to be on since it means 543 x 10 = 5430 tax free allowance and "L" means I am eligible for that personal allowance.
However, http://www.hmrc.gov.uk/employers/rates_and_limits.htm states
Why is the emergency tax code the same as the normal tax code???Emergency tax code
The emergency tax code is 543L.It's about time I changed this sig...Comment
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Emergency Tax is normally 543L W1 (i.e. on a week one basis). Since everybody is entitled to a personal allowance it puts the individual in the worst position they would normally be in rather than discriminating and penalising for not having a code available.Originally posted by MrRobin View PostComment
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have you sent them your P6? If not then how do they know which tax code to use?
What should your tax code be?Comment
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You do not say what code your coding notice gave but, if it was 522L your accountant is correct to use 543L as we have recently moved into a new financial year and the tax free allowance has increased. If they are using 543L Wk1 or Mnt1 this is an emergency code which may mean that your accountants have not updated their records from your coding notice.
HTHComment
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