Tax Codes And Changing Jobs
|Business : Tax|
When you change jobs, you should keep a check on the tax code to ensure that things progress correctly.
When you move from one employer to another, a P45 will be given to you by the previous employer that you give to the new employer.
This contains information both on previous earnings and also how much tax has been paid.
In addition information will be contained on aby payments in kind. Therefore if the benefits you will get with your new employer will be different to the old, then you should carefully review your overall tax situation and position.
The most valuable benefit from the vast majority of companies will be the pension scheme that is on offer.
If you do find a mistake in your tax code or taxation, then try to get it amended by your local tax office sooner rather than later - hopefully you should be able to get the matter resolved without having to wait some time for tax refund to materialise!
If you are after more information on tax codes, then the relevant section to look at on the HMRC site is at:
Questions about tax: