On the 6th April 2019, your personal allowance will increase to £12,500 for the 2019/20 tax year. This is the amount you can receive before you start to pay any tax.
This new allowance is reflected into your tax code and your code will be ‘1250L’ for any English or Northern Irish taxpayers.
If you are a Scottish taxpayer, then it will be ‘S1250L’ or a Welsh taxpayer it will be ‘C1250L’.
This is the standard tax code for employees, who don't have any other income or have any other adjustments in their tax code.
If you want us to check your tax code, please feel free to call us and we will put in touch with you local TaxAssist Accountant.
By Samantha Skyring FCCA
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.