What effect does an incorrect Tax Code have on my payslip?
If you are a 20% tax payer, you will overpay £2.00 in the tax year. As the tax tables are always in the taxpayer’s favour, overall you will probably be a few pence underpaid if computation made. When tax codes go up in September, ask tax office to send form P6 to employer, rather than him being asked to uprate. Your new code will probably be 609L. You could also ask employer where he gets code 548L from. His form P6 should agree with your form P2 (notice of coding).
