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| *The Commerce Journal>>>United Kingdom Taxes |
My tax code? |
I think i am paying too much tax on my wages, mind you any tax is too much but hey. My tax code is 522L. The tax i pay seems very high in proportion to my wages. What is your tax code - I do payroll for an accountant and know abit about tax codes! Yes. Taxaid. They have a website and also a helpline for any probs with your tax. Its only open for a couple of hours a day I think. if your tax code is BR thats basic rate which is 25%ish of your earnings. You need something like 416L (just an example) and it should work out to be about 10%ish of your wages!! your tax code usually tells you, e.g. 4400L means you can earn 拢4,400 before tax (although they assume you are going to wok the whole year, so most companies take it off you from the beginning). BR means basic rate - it's very high, so if you are on that you should get in touch with your tax office. Your payslip will tell you which tax code you are on, how much tax you have paid, etc. Did you hand in a p45 from a previous job? If you think you are paying too much, or that you are due a tax rebate, get in touch with your tax office. They'll tell you everything you need to Know. Sometimes a tax rebate is paid through your wages - this is quite rare though. It's best to apply for a tax rebate at the end of a financial year (April). So if you think you are owed money from last year, you could apply now for a tax rebate. If you think you are owed money for this year, you may have to wait until April to apply (but if you hassle the tax office and your employer you may just get it back in your wage. What code number is your employer using? We need a bit more information. Most people are on code 522L (personal allowance 拢5225) |
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