Does anyone know why my tax code has just changed from 603L to 597L? Means I get less dosh this month. I know it went up last year but no idea why there's this random reduction.
You should have had a "Notice of Coding", but could be due to lots of factors - e.g. taxable interest.
Well to be fair that reduction is only £2-40 (per year) if you pay tax at 40% and £1-20 (per year) if you pay at the lower band so it's not exactly going to break the bank now is it. As Druidh says interest on savings is a likely cause.
Appreciate it's a small sum gonefishin (£12 per year, not £1.20) but you need to keep track of these things to prevent mistakes happening.
I'll phone up and check the details. The wage is £12 less this month, so they have changed the tax code for the whole previous year.
Well if they have changed it this month then yes it will have been backdated for the whole year as that's how the codes work.
Just realised where the mistake was in my sums opps.
They've obviously corrected some under payment somewhere
Your code should go up to 647 next month