Hi,
This maybe an obvious answer, but the wonderful world of tax really confuses me. I work for a company and earn around £75k. My tax has been really messy over the last few years due to a company car which I got rid of in April 2020.
Earlier this year in March I received a letter from HMRC telling me that I owe £1001 tax from an earlier tax year, and therefore my tax-free allowance would be adjusted and reduced by £2503 so that HMRC can collect the £1001 I owe by 5th April 23.
I just wanted to check if that amount seems right. I would have rather paid £1001 in a lump, as my salary is now down by about £140 each month.
I may be looking at this stupidly, so please forgive me
Thanks in advance
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