Why you might not get a 2014/2015 P2 Notice of Coding this year.
Every year most UK tax payers are issued with a new tax code which is explained on a form called a P2 notice of coding.
Making sure your tax code is right is important to ensure your personal circumstances are reflected in your personal allowance, which is used to make up your tax code.
HMRC have this year decided to not issue P2 notice of codings to some people. There are three main categories:
The people who will not receive a P2 notice of coding are:
- have the same tax code in the 2014/2015 as the 2013/2014 tax year
- not in employment
- have no liability to tax
The reason given by HMRC is because there is no effect on their tax position. If a your circumstances change this may not be the case, so you should let HMRC know as soon as possible to avoid paying too much or too little income tax.
If you have received a P2 notice of coding it’s recommended you check the explanation given on how your tax code has made made up. Sometimes errors can be made, or your personal circumstances are different from past years, meaning your tax code needs to be adjusted taking the changes into consideration.
