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Your new tax code for the 2015/2016 financial year

Your new tax code for the 2015/2016 financial year
Carly Boyd
Written by Carly Boyd
Tuesday, 14 April 2015 22:31

With the start of the new financial year comes several changes to your payroll including the rate at which you get paid SSP, SMP and SPP but the biggest change is the tax code which goes up every year. The emergency tax code goes up by 60 points at the start of the 2015/2016 financial year to 1060L, this means that everyone's tax code will also go up by the same amount. 

This also affects the way your tax code is worked out when you start a new job and haven’t been given a P45 from your previous employer. As of the new tax year if you tick box A on a starter statement to declare that this is your first job in the current tax year, your tax code will automatically be 1060L. If you tick box B to say this is your only job now but not the first in the current tax year then your tax code will be 1060L W1M1, which is non-cumulative.

Unless HMRC issue your employer with a P9 stating your new tax code to be any different, you can expect your tax code to stay the same plus 60 points. So, if your current tax code is 914L it will become 974L and so on, this does not affect anyone on a K code or a T code. You will be notified in advance of your tax code change by HMRC via a P2 but this is subject to change and your employer cannot action your tax code change with this document. A P2 is issued so that you have time to dispute your tax code change before it is actioned.

If you think your tax code is wrong then your employer cannot change it without a P9 notice from HMRC so your first port of call would be to call them on 0300 200 3300 and discuss your tax code.

For more information on tax codes please click here.

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