How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 5737
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

National insurance number - ************** we have noted our

Customer Question

sir

national insurance number - **************

we have noted our tax code for the year 2017/2018 was changed fromS444 to S137T. we understand this means we pay no tax on this annuity. As our income has not changed in any appreciable way since retirement 22 years past we are at a loss to understand this change.Because of this unforeseen change the Revenue are reclaiming monies for non payment of tax of which we were not notified of any change can you please these changes.

Submitted: 7 months ago.
Category: Tax
Expert:  bigduckontax replied 7 months ago.

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

The S indicates that you are resident in Scotland where rates of tax can differ to those imposed in England. The reduction in the numbers indicates that HMRC are using your tax code to recover tax due on income not taxed at source, or to recover un-psid tax from earlier years. Annuities frequently are taxable payments. It should all come out in the wash so to speak when you self assess at the end of the tax year, that istoday.

Just Answer is an independent tax advice site not connected with HMRC in any way.