At Finsol Tax Advisors we offer Accountants in St Albans who offers advice in all tax and accounting matters including business tax, personal Tax, individual taxes, self Assessment tax returns.
Tax codes: Your tax code is used by your employer or pension provider to work out how much Income Tax to take from your pay or pension. The code is worked out by HM Revenue and Customs (HMRC), who sends it to your employer or pension provider.
Your tax code will be made up of:
• Numbers – The numbers in your tax code tell your employer or pension provider how much tax-free income you get in that tax year. This will be based on your Personal Allowance, which is the amount of income you can have before you pay tax.
• Letter – Letters in your tax code refer to your situation and how it affects your allowances.
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