Uncategorized

The number in the tax code

FinSol Tax Advisors is one of the leading independent firms of chartered Accountants in St Albans, tax advisors and statutory auditors.

The number in the tax code

The number in the tax code represents the total of all available allowances, less any amount to be deducted to cover other income or benefits.

Where to find your tax code

If you are given a PAYE tax code, it will be shown on:

  • a notice of coding sent by your tax office – see under heading Notice of coding
  • your pay slip
  • Your pension statement if you’re getting an occupational pension.

Emergency tax codes

The tax office may not be able to give your employer a tax code to allow them to deduct the right amount of tax over the whole year. In this case, the tax office gives your employer an emergency code with which to tax you. An emergency code assumes that you are only entitled to the basic personal allowance and your PAYE tax code will include the letter L, which shows that you are only receiving this personal allowance. It does not take into account any other allowances and reliefs you may be entitled to.

Our aim is to take care of your interests and to help you achieve your personal and business goals. We are always ready to help you, just contact us.

finsol3

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s