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Where Taxpayers and Advisers Meet

W1 tax code

simon0867
Posts:2
Joined:Fri Oct 29, 2021 9:33 am
W1 tax code

Postby simon0867 » Fri Oct 29, 2021 9:39 am

Hi,

I started a new job in May this year having been made redundant from my previous position. I submitted my P45 to my new employer.
My new payslips have always shown tax code S1199L W1
Is this an emergency code ?
The amount of pay I was earning dropped from my old job to my new, I’m not sure if that makes any difference?

Thanks very much for any advice, just want to check I’m not being taxed too highly

Lambs
Posts:1611
Joined:Wed Aug 06, 2008 3:15 pm

Re: W1 tax code

Postby Lambs » Fri Oct 29, 2021 7:14 pm

S,

You may have paid a little bit too much tax at the start. The "W1" denotes "Week 1" - i.e., you are getting one week's worth of tax-free Personal Allowance, bands, etc., against each week's pay, without looking at your cumulative "to date" position. But it is POSSIBLE that it will not have made much difference, if at all. The only way to be sure of the correct overall tax position is to re-calculate your aggregate position once the tax year is finished. So, for example, there may be a 'spare' week's worth of allowances from when you changed jobs.

Kind regards,

Lambs

simon0867
Posts:2
Joined:Fri Oct 29, 2021 9:33 am

Re: W1 tax code

Postby simon0867 » Fri Oct 29, 2021 8:51 pm

Thanks very much for the info and taking the time to reply, much appreciated


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