Tax code help please!

[bumblebeexo]

I have been working at the same place for over a year now. I've always thought I pay a lot of tax, but presumed that was just tax for you! However, after a conversation with other employees I think I am paying way too much. I've looked at my payslip just now, and it says my tax code is 0T?? What does this mean? I just have this one job. My pay in this slip was £1500 but I paid my pension, and then £292 in tax and £96 in NI.. Does this sound right? My total deductions was £471! I've figured out if I go back to work after mat. leave and cut my hours by half I'll only be losing around £180 in pay as I won't be earning enough to be taxable.. Do you think I'm paying too much?

 

[xxembobxx]

the standard tax code is 810L and having had a quick google it says OT is the new code for BR which is a higher rate tax code
Have you spoken to your HR dept about it? Someone has been pretty slack in not adjusting it - they need to do so now.
If they do not help then contact your local tax office - if you can go in they are really helpful. You will probably need to take your wage slips and P60.

 

[My_First]

Tax code ot means that you are not being given a personal allowance. Do you know if you owe any tax? Did you get a letter thus year explaining a new tax code? To be honest as a very rough guide 25-30% tax/ni is about right plus obviously you ate paying into a pension too. I would, however call hmrc and find out why they are not giving you a personal allowance.

 

[My_First]

Ps. If you cut your hours you will need to earn £8105 or less a year ti be eligiable for not paying any tax. Remember that ni will come out of this, though.