So to give you a bit of background, I used to have a company car in my old job and a fuel card which included personal miles, it was great because I never had to worry about any of the costs for the car, however I did loose all of my personal allowance for the pleasure but no big thing.
Fast forward to April last year, I quit my old place after 3 years leaving all of my vehicle privileges behind and got another job, this one was office based so no company car. I was expecting my personal allowance to go up to the full amount (£7475 I believe), however it didn't, I got a code of 551T which meant I was paying tax on an additional £958 (PA last year was £6475 max) of my income. I rang the HMRC up and spoke to someone who basically said I need to keep paying it as it's worked out over the year. I didn't fully understand but I accepted it as I assumed he wouldn't BS me.
Now fast forward again to last week and I have now received a new tax code of 469T, which is obviously lower than last year, the personal allowance has gone up to £7475 admittedly but is that the same percentage as last year?
My main question I suppose is does this make sense, should I be paying anything towards having a company car that I haven't had for nearly 10 months now?
I will be phoning HMRC again tomorrow to find out but I wanted to get my facts straight first and see if I actually need to.
Any advice is greatly appreciated.
Fast forward to April last year, I quit my old place after 3 years leaving all of my vehicle privileges behind and got another job, this one was office based so no company car. I was expecting my personal allowance to go up to the full amount (£7475 I believe), however it didn't, I got a code of 551T which meant I was paying tax on an additional £958 (PA last year was £6475 max) of my income. I rang the HMRC up and spoke to someone who basically said I need to keep paying it as it's worked out over the year. I didn't fully understand but I accepted it as I assumed he wouldn't BS me.
Now fast forward again to last week and I have now received a new tax code of 469T, which is obviously lower than last year, the personal allowance has gone up to £7475 admittedly but is that the same percentage as last year?
My main question I suppose is does this make sense, should I be paying anything towards having a company car that I haven't had for nearly 10 months now?
I will be phoning HMRC again tomorrow to find out but I wanted to get my facts straight first and see if I actually need to.
Any advice is greatly appreciated.
