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Tax code K339

Tax code change

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I ran my own limited company, i’ve Just filed my tax return for 18-19 tax year... Hmrc notify me about the change of tax code to K339 which I am really confused about. 

For 18-19, my wages is £8400, £35000 in dividend, and £2948 in property income... as far as I am concerned it’s under high tax payer amount for the year... why they’ve changed my tax code? Apprently it’s dividend tax of £12950 and property income  of £2948. Hence -£3401 tax free amount for 19-20... Can someone kindly email explain to me what is meant? Also I’ve sold the buy to let property, and need to keep the tax rate at basic tax rate for this year due to capital gain tax, so how much would I earn before being taxed at 40% for 19-20 in my new tax code! Thank you ever so much! 

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By AW71
06th May 2019 21:47

This isn't a forum for free tax advice but for professionals to interact with one another.

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06th May 2019 22:19

Your accountant will deal with all this.

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By jcace
06th May 2019 22:39

HMRC have estimated your 2019/20 income, and therefore your expected income tax liability, and have adjusted your code to try and collect that liability via PAYE.
So if your income is the same as 18/19, you'll pay around £2,360 in tax through PAYE, that will be taken into account when computing your overall liability.
As for the CGT, ask an accountant to give you some assistance - it could save you a considerable amount.

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By bchi
to jcace
07th May 2019 06:59

Thank you very much! I will talk to my accountant this week...

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07th May 2019 09:41

Did you tick the box on the return that asks HMRC not to collect tax on in-year estimates ?

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