Tax Codes for Tax Year 2019 – 2020
Each year on the 6th April your tax code should change to reflect the new personal allowance for that year. The personal allowance is the amount you can earn in that year tax free.
The standard tax code for the 2019 – 2020 year is 1250L, which means you can earn £12,500 as a tax free personal allowance until midnight on the 5th April 2020. You can find your tax code on your payslip.
If you are on an incorrect code you could find yourself paying either too much or too little tax so you should always check to make sure yours is correct.
In Scotland the tax codes and thresholds are slightly different.
If you’re not on a standard code, it doesn’t necessarily mean your code is wrong, just that allowances and/or restrictions are in place for one reason or another. As one of our clients, you can always call us to find out what they are and ensure you’re on the right code going forward. It’s all part of our service.
You and your employer should always be notified of any change to your code but HMRC don’t inform us immediately, so it’s always best to keep an eye on your wage slip and call us if you notice a change or are unsure about anything.