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Changing PAYE Codes

Ten Facts You Might Not Know About Stamp Duty

When HMRC introduced their Real Time Information filing system (RTI),they assured taxpayers that this would help create more accurate tax codes, but thus far that has not proved to be the case.

However, from July 2017, taxpayers may notice more changes in their tax codes as information submitted to HMRC by employers will mean codes may be updated on a month by month basis, as they try to collect the correct amount of tax during the year.

The downside is that taxpayers who owe tax for 2016-17 may have this tax collected at the same time as any tax owing for 2015-16, which could mean higher deductions than expected (a maximum of 50% of a person’s pay can be deducted through PAYE).

If you are unsure about your tax code, HMRC have advised that you access your personal tax account on their website for a breakdown - however if you need further clarification, please contact your accountant or employer.