At the beginning of each tax year, taxpayers will receive a letter from HMRC telling you the tax code for this tax year. A few common ones for the current tax year are: 1257L – you will get the standard tax-free allowance, which is £12,570 0T – no tax-free …
Month: July 2026
You complete a Self-Assessment tax return, submit it, then a few weeks later you receive a letter from HMRC asking you to pay a much higher amount than the tax liability shown on your tax return. Why? In short, HMRC wants you to pay your tax liability for the …