K income tax code.

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Q. As a result of a cock up by my employer administering my paye income tax I owe the IR £2200. They have given me a tax code of K464 from April I earn about £35000 a year. Does this mean that I will end up paying tax at the higher rate? If so surely then I will be overpaying my income tax then? I have asked the IR to pay it back over 2 years (the error occured over 3 years!) and will have to see what they say.

A. Question: As a result of a cock up by my employer administering my paye income tax I owe the IR £2200. They have given me a tax code of K464 from April I earn about £35000 a year. Does this mean that I will end up paying tax at the higher rate? Answer: Yes, but not on all of it. Question: If so surely then I will be overpaying my income tax then? Answer: Well yes, that's the idea. You should pay more tax next year than you would have done if your next year's code were the normal 522L. If the result is that you pay £2200 more tax, then you'll end up even.

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