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When you receive your payslip, you might notice that your tax code has changed. This can be confusing and worrying, but there are many reasons why this might happen. In this article, we will explain why your tax code might have changed and what you can do about it.
Firstly, it’s important to understand what a tax code is. Your tax code is used by your employer or pension provider to work out how much Income Tax to take from your pay or pension. Your tax code is usually made up of numbers and letters and is based on your Personal Allowance.
Your Personal Allowance is the amount of income you can earn before you start paying Income Tax. For the 2022/23 tax year, the standard Personal Allowance is £12,570. If you earn more than this amount, you will start paying Income Tax.
So why might your tax code have changed? There are many reasons why this might happen. One reason could be that you have started a new job or pension. When you start a new job or pension, your employer or pension provider will ask you to fill in a Starter Checklist. This will help them work out your tax code.
Another reason why your tax code might have changed is that HM Revenue and Customs (HMRC) has updated your tax code. HMRC might update your tax code if they think that you are paying too much or too little tax. They might also update your tax code if they think that you have not paid enough tax in the past.
If you think that your tax code is wrong, you should contact HMRC as soon as possible. You can do this by phone or by post. You should have your National Insurance number and your payslip to hand when you contact HMRC.
In conclusion, there are many reasons why your tax code might change. It’s important to understand what a tax code is and how it works so that you can check that it’s correct. If you think that your tax code is wrong, you should contact HMRC as soon as possible.
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