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Tax code and personal allowance calc for taxable earnings above £120k

Answer
Andrew Huddleston
Posted Wed, 13 Nov 2024 10:01:38 GMT by Andrew Huddleston
Hi. I’ve recently updated my taxable earnings to £121k and surprised to see I still have a tax code of 1504. I was expecting this to near zero after the taper for earnings above £100k. Can anyone shed any light on this? Is this a mistake my HMRC? Thanks In Advance
Answer
HMRC Admin 33
Posted Thu, 14 Nov 2024 10:17:13 GMT by HMRC Admin 33
Hi,
This forum is for general queries only and is intended to help you self-serve. We are unable to provide specific advice tailored to individual circumstances.
You may wish to contact our team for advice
Tax codes: How to update your tax code
Thank you.
Answer
Clive Smaldon
Posted Thu, 14 Nov 2024 23:21:32 GMT by Clive Smaldon
Not HMRC...should actually be more, lose £1 for every £2 above £100k. £121k is £21k above £100k / 2 = lose £10500 from £12570 = £2070 rather than £1504, must be some other income somewhere other than earnings also?

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