Details of your new tax code
During January, February and March this year, HM Revenue & Customs (HMRC) will be sending out new tax codes for 2013-14. You should never ignore post from HMRC and it is in your interest to check your new tax code.
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. The basic code will be adjusted for benefits-in-kind, pension payments and other income or charity donations that were disclosed in your tax return for 2011-12. If you have not submitted your tax return for 2011-12 yet then you are too late to have tax underpayments put through your notice of coding (coded out in the accounting jargon!).
Not everyone needs to get a Coding Notice
So don’t worry if you don’t receive one – your employer or pension provider will still be able to update your tax code on the 6 April.
Your Coding Notice is for you to keep and you should check it
As it will determine how much tax is deducted from your pay by your employer. If you think the code is incorrect contact HMRC straight away. The contact number is printed on the Notice of Coding.
If you have an agent acting for you tell them you have a new tax code as we don’t automaticaly receive a copy.
To find out more about tax codes follow this link to the HMRC website.