To have your self-assessment tax collected through your PAYE tax code the following need to apply:
- You must owe less than £3,000 on your tax bill
- You must already pay tax through PAYE, e.g. you are an employee or you receive a company pension
You are not able to have your tax bill paid through your PAYE tax code if the following apply:
- You do not have enough PAYE income for the tax to be collected
- You would be paying more than 50% of your PAYE income in tax
- You would end up paying more than twice as much tax as you normally do
In order to get your tax coded out you will need to have your paper tax return submitted by 31st October or your online tax return submitted by 30th December following the end of the tax year.
If you think this is something you would like to be able to do then please contact us today, we can assess your situation and if eligible we can complete your tax return before the deadline. Please contact us on 0800 0523 555 our simple online contact form to arrange a free initial consultation.
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.