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!