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Personal allownce Tax code

Mr Freefall

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Just thought I would post this up, as Im sure it time new personal allowance tax code notifications are out.

I have traweled the posts for this, but cant find it. I seem to recall that the IR 'should not' include tax estimated for the letting income on taxcodes for the forthcoming year, or at least you can appeal to keep on paying via self assemment (tax cafe book).

Well just gone mine in, and they have an extimate on mine so Im off to a appeal to get this taken off at its less than £2000, and I have some big revenue expenditure this year to offset the estimate

Mr F

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  • 2 weeks later...

Hi Mr F

Sorry for the delay - I have just recently moved firms and what with the self assessment deadline (today!!) I have been a bit tied up.

Basically, you can just telephone HMRC and request that the estimate for income is removed from your code - as simple as that.

Bare in mind the following.

My collecting tax through your code for example, your estimated tax for the tax year ended 5 April 2009 - they are collecting your tax from April 08 - March 09 - however in reality under self assessment this may not be due until 31/1/10 if you ignore tax payments on account - if you are subject to pay payments on account then you would ordinarily foot the bill in January and July 2009 and the balance in January 2010.

However, do bare in mind that collecting the tax through your coding (depending on other income, expenses, taxes etc) could avoid having t make payments on account at all - which can be a cashflow advantage in itself!

...just something to think about

Hope this helps

Kind regards

Sherena Glanton CTA

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