Background
The wife got made redundant from her job at the end of June 2008. This job came with a company car and she was paying tax on it
Since then she has had 2 other jobs, one of which she was made redundant and the other she is currently employed.
In that time both of these (latest) jobs she has not had a company car but has had the same tax code.
She got her PAYE coding notice the other week which highlited the company car tax. We questioned it and she has recieved a new code.
The old code was K314
The new code is 647L
So the question is
How much is she going to get back off the theiving b$%@#$ds ???
She has always been monthly paid if that helps
Anyone good with tax (company car)
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Willopotomas
- GP Racer
- Posts: 2256
- Joined: Sat Mar 06, 2010 10:11 pm
- Location: Coventry, ENGLAND
have a look on the inland revenue website to find out how much percentage they take off you for the car, then again with the new code. She'll need payslips, P45's and P60's to prove it, so hope you've kept them.
It's a bit of a mine field trying to work it out, but if she's been paying the higher tax for 18 months, then she should be in for quite a good return.
It's a bit of a mine field trying to work it out, but if she's been paying the higher tax for 18 months, then she should be in for quite a good return.
Most motorcycle problems are caused by the nut that connects the handle bars to the saddle.
L = basic allowance
647 in this context means that £6,470 personal allowance that is not taxed so can be subtracted from your income leaving your taxable income.
K = deductions are more than allowance, therefore you need to pay tax on the excess
314 in this context means that £3,140 must be added to your taxable income to take into account the excess untaxed income you have received.
If you have been paying on 314K but should have been on L647 then clearly you'll be getting a nice return.
Check out the website http://listentotaxman.com/ - that should help - put in your codes and salary and see for yourself.
For example, £50k/yr at taxcode L647 is £2,980 whereas on 314K its £2,664 so on this sort of salary your wife has been overpaying typically £320 per month
Hope that helps.
647 in this context means that £6,470 personal allowance that is not taxed so can be subtracted from your income leaving your taxable income.
K = deductions are more than allowance, therefore you need to pay tax on the excess
314 in this context means that £3,140 must be added to your taxable income to take into account the excess untaxed income you have received.
If you have been paying on 314K but should have been on L647 then clearly you'll be getting a nice return.
Check out the website http://listentotaxman.com/ - that should help - put in your codes and salary and see for yourself.
For example, £50k/yr at taxcode L647 is £2,980 whereas on 314K its £2,664 so on this sort of salary your wife has been overpaying typically £320 per month
Hope that helps.
"There is a grey blur, and a green blur. I try to stay on the grey one..." - Joey Dunlop. Isle of Man TT Champion.