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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 7544
Experience:  FCCA FCMA CGMA ACIS
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I have been estimated to have a tax liability of £7662.30

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I have been estimated to have a tax liability of £7662.30 based on an incorrect tax code for year 2018/19. I'm not sure how this has arisen
JA: Have you talked to a tax professional about this?
Customer: Have had the assessment done by my husband's accountant
JA: Anything else you want the Accountant to know before I connect you?
Customer: Apparently as my total income was over £120,000 I was not entitled to any tax free pay
JA: Which tax year is this for?
Customer: 2018/19

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

 

If your income rises above 100K you loose your Personal Allowance (PA) at the rate of one pound for every two quid over. It i possible that this was not picked up.

Customer: replied 12 days ago.
What options do I have for payment and how do I make sure that I still do not have an incorrect code?

The arrears are payable by 31 January. You have to keep your beady eye on your tax code if you go over 100K of income. HMRC have the habit of producing it like the rabbit out of the hat when the tax year ends.

 

bigduckontax and other Tax Specialists are ready to help you

Thank you for your excellent support.