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Did you remember?
Employers did you remember to update your employees’ tax codes in September, to ensure they received the tax savings due to them as a result of the increase in personal allowances by £600 to £6,035.
Employers should have changed tax codes suffixed with the letter ‘L’ by adding 60 to them. For example the old 543L tax code should have become 603L. Employers were to apply this to the first pay period of an employee following the 7th September. Tax codes with other prefixes – T, P, V, Y, NT, BR, DO or K – should not have been altered unless a P6 notice had been received.
Employers also should have received a new Employer CD-ROM containing new tax tables which needed to be implemented. Any employers using third party payroll software should have received an update from their software supplier incorporating the necessary changes.
If you are unsure whether you have implemented the changes correctly do not hesitate to contact us and we will be happy to check for you, as opposed to your employees discovering that they haven’t received their extra £120!!