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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15880
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Hi there My scenario: been self assessment for last few years

Resolved Question:

Hi there
My scenario:
been self assessment for last few years until FY11/12 for some reason PAYE.
Ended up owing £1500 although my only benefit is Private Medical Insurance.
Now back on SA and tax code is K000043.
May pay
Gross - £24083.47
Tax - £9695.50
NI - £749.55
Other - £5.00
YTD
Gross - £54171.59
Tax - £20950.95
EES NI - £1887.07
ERS NI - £7210.32

This doesn't make sense to me and I'm worried that I could be overpaying.

Regards

Nick Heath
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.
Hi.

Can you tell me what is in your tax code to make it K43 please.
Customer: replied 3 years ago.

I'm not sure.


Nothing has changed but I still owe £500 against the last submission.


Final tax codes from P60's for reference:


09/10 - 538L


10/11 - 575L


11/12 - 269TM1


12/13 - 596T

Expert:  TonyTax replied 3 years ago.
Thanks.

Let me do some calculations and I'll get back to you.
Expert:  TonyTax replied 3 years ago.
Hi again.

Given the level of your earnings, you won't be entitled to a personal allowance for 2013/14 if your total income for the year is £118,880 or more. Your tax code should therefore be a K code if you are in your employer's private medical scheme and you are paying some tax owed for earlier tax years through your salary. A K code means that your deductions exceed your allowances.

If your gross pay to date is £54,171 and assuming a tax code of 0L then £5,335 should be taxed at 20% (£1,067.00), £19,665 should be taxed at 40% (£7,866.00) and £29,171 should be taxed at 45% (£13,126.95). Your total tax deduction should, therefore, be £22,059.95. A K43 tax code will increase the tax very slightly. Without seeing your payslips I'm unable to explain the tax to date figure of £20,950.95

I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15880
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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