Tax

[Kosenurm]

Hello there,

I was a contractor between July 2011 and March 2013, and when my accountant reviewed my year end statements in November 2013 (from March 2013 onwards I have been employed permanently), he and HMRC found that I had underpaid approx £1400 of tax.

As such, my tax code this year is 468L meaning that I will repay the underpaid tax from last year. Will this split the repayments equally over the tax year or, depending on how much overtime I do, could it be repaid quicker thus leaving me with overpaid tax to get rebated next year?

Thanks,
K

[teaboy2]

Re: Tax

Hello there,

I was a contractor between July 2011 and March 2013, and when my accountant reviewed my year end statements in November 2013 (from March 2013 onwards I have been employed permanently), he and HMRC found that I had underpaid approx £1400 of tax.

As such, my tax code this year is 468L meaning that I will repay the underpaid tax from last year. Will this split the repayments equally over the tax year or, depending on how much overtime I do, could it be repaid quicker thus leaving me with overpaid tax to get rebated next year?

Thanks,
K

Tax codes usually last the whole financial year (exception being emergency tax code), meaning you will likely over pay in tax and get a rebate next year. Your best, given sensitive financial data being involved, discussing the matter with HMRC. They will be able to answer your question and double check that you have been given the right tax code.