Finsol Tax Advisors is one of the leading Firms and we provide a range of accounting and taxation services and we have a team of professional of Tax advisors London.
Income Tax: It is a tax you pay on your income. You don’t have to pay tax on all types of income.
Tax code: It is used by your employer or pension provider to work out how much Income Tax to take from your pay or pension.
Usually someone’s tax code changes if their tax-free income (Personal Allowance) goes up or down, eg they start or stop receiving a taxable benefit like a company car.
• HM Revenue and Customs (HMRC) will send you an email alert if one of your employees’ tax codes changes.
• Access the new tax code in PAYE Online (in ‘tax code notices’), the PAYE Desktop Viewer application, or in your payroll software (if it has this feature).
• Update your employee’s payroll record with their new tax code as soon as possible, and before their next payment.
A tax code notice is sometimes called a P6 form.
If you receive an employee’s new tax code too late to use in the tax year, you should use it in the new tax year.
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