Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.
If your taxable income is above 100K per annum you begin to loose your personal allowancw at the rate of a pound for every 2 quid over. You have been placed on a K code to recover underpaid tax. At the end of the tax year you should carefully check HMRC's calculations to ensure that they are correct. Deductions tend to be inaccurate at high income levels as the tax tables frankly do not cope.
I do hope that you have found my reply of assistance.
Just Answer is refusing to let me amend my post. Paragraph 2 line 1 should read 'allowance.'
They will advise you when you make your self assessment tax return, alternatively check your P60 for accuracy. There is little you can do within the tax year. As I warned you tax tables tend to be inaccurate at high salary levels.
I would love to speak on the phone to you. but I am responding to your query from a temporary base in Germsy (don't mention the war).
Delighted to have been of assistance.
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I tried calling you but you did not answer to make the connection - did you still wish to proceed with a telephone call?
Thank you for your support.