Latest Tax News from Tax Rebate Services
New tax codes for the 2012/2013 tax year.
The new standard tax code for the tax year ending 5th April 2013 is 810L.
Your new tax code will be used by your employer or pension provider to ensure you pay the right amount of tax during the 2012/2013 tax year. The 2012/2013 tax year runs form the 6th April 2012 to 5th April 2013.
The basic Personal Allowance for the tax year ending 5th April 2013 is £8105. This means that the amount of income an individual can earn before paying tax is £8105. This is an increase on last year’s allowance of £630.
HMRC will be sending out new tax codes for the 2012/2013 tax year on a form called a P2 during the next month. The P2 notice of coding will detail the amount of tax free allowances allocated and any other adjustments which are specific to each individual. Not everybody will receive a coding notice from HMRC.
It is important to check your notice of coding especially if you incur any job related expenses. Your tax code should reflect any job related expenses incurred due to your employment. If your tax code does not include your job related expenses you will not receive the tax relief / tax rebate you are entitled to.