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.
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