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October 30, 2014
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Change to Limit for Tax to be Collected through PAYE Code

Currently where a person owes tax of up to £3,000, the tax may be coded out through the taxpayers PAYE code.

Coding adjustments may be either requested by the taxpayer (for example by ticking the appropriate box on the tax return) or at HMRC's direction where debts are outstanding.

From April 2015 the £3,000 limit is being increased to up to £17,000.

The new £17,000 limit will only apply for those earning at least £90,000 per annum.  For those with income below this limit a graduated scale will apply.  For those earning less than £30,000 the coding limit will remain £3,000.

These new limits  will apply in relation to PAYE codes for the tax year 2015/16 onwards.

 

 

 

Contact us today to discuss your tax requirements.
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