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Monday, 23 April 2007

How do I find out my tax code ? -

Next month I m going to be working full time for the first time. I ve been working part time for a few months but haven t earned enough to be charged Tax. Is there a way I can find out how much money out of my wages is going to be deducted to pay for Tax and National Insurance ??|::::|Your code number will probably be 603L, representing personal tax-free allowance of £6035. Is this full-time work going to be with the same employer? I am assuming yes. You should have signed form P46 when starting your part-time job. You are probably on that code number already. As you haven t been using your full tax allowance, you will have an unused backlog to set against future earnings. This means you won t pay as much tax as you would as if you were at that level of pay for the full year. National Insurance is deducted in accordance with each payday. Look at www.hmrc.gov.uk/rates for tax and NIC allowances, and rates you pay over that. You can also see a computation at www.listentotaxman, although that won t take your allowance backlog into account.|::::|You might like to look at the link below. Since yu haven t earned enough to pay tax yet you probably have some personal allowances spare so your deductions will be a little lower to start with.|::::|itll be on your pay slip

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