There are only a few days left to file Self Assessments for the tax year that ended on 5th April 2011 and we are rapidly approaching the end of another tax year, so have you paid too much tax? the chances are many people haven’t paid the right tax because their tax code was wrong.

Why not start by checking your tax with the HMRC Tax Checker

http://stccalculator.hmrc.gov.uk/UserDetails.aspx

Checking your tax code

You’ll find your tax code on:

• your pay slip
• your PAYE Coding Notice – you usually get this a couple of months before the start of the tax year and you may also get one if something has changed but not everyone needs to get one
• form P60 – you get this at the end of each tax year
• form P45 – you get this when you leave a job

If you’re enrolled for Self Assessment Online, you can view PAYE Coding Notices issued on or after 11 October 2011 online.

If your tax code is wrong

You must tell HM Revenue & Customs (HMRC) as soon as possible so they can correct it. You may get some tax back – or you might have to pay a bit more.

HMRC will need to know your tax reference and National Insurance number. Look for these numbers on official papers to do with tax, for example:

• a payslip
• letters from HMRC
• a certificate of tax paid
• a ‘PAYE Coding Notice’ if you have one – this is a notice telling you what your tax code is

Previously Reported Tax Code Errors

Tax code errors could cost a ‘huge number of people’ over £1,000 a year, financial group warns

Don’t pay the wrong tax, check it now and get it sorted.

steve@bicknells.net