rog

iTrader: (2)

Anyone clued up about tax on here??? I came across a letter yesterday that i must have put aside and it says i should be on 508L for the wole year up to april 07, but I'm on 474T???? What does this mean?? I have all the figures here from my last paysip if that helps???
I know i can wait untl year end and conact the tax folk but i just wanted to find out now rather than go through all that hassle. Ta.

Dan Cossie

your Tax code should be 503L matey.....and that means you can earn £5031 tax free a year.
yours seems to have been changed and you can only earn £4741 per year so call the Inland Revenue qoute your insurance number and they will send you a Notice of Coding...hand this to your employer and their payroll will adjust it accordingly and you will get a nice rebate for the whole time you have paid too much tax.

Dan Cossie

although your tax code does depend on your personal situation ie if you have kids etc etc so yours maybe correct at that and not be 503L
but just an idea mate

rog

iTrader: (2)

Thanks, it does say 508L though and not 503 I'm not married or have any kids, that i know about anyway.

jamesw

Its when they get to K tax codes its a fucker

Miss Fiesta Turbo

Wish i had that code! Mine is 4??? so can only earn around £4,000 odd until i get taxed!

rog

iTrader: (2)

Don't worry I'm sure I more than make up for it when i pay my taxes...............

richzs

The 508L (5085) is the personal allowance for the new tax year starting on 6 April, so you wont see the new code on your wage slip just yet.

The basic allowance for the current tax year is 5035 (503L) so theyve knocked somethin off, could be unpaid tax from an earlier year or benefits in kind ie your company pays something for you like medical insurance, but if you phone them they'll tell you what it is.

rog

iTrader: (2)

Ok i think I'll have to, it says that it is my tax code from 6th April 2006 to 5th April 2007, before that it's ben 474 T for as long as I can remember

Big G

Find out which office is dealing with your tax, your employer will be able to tell you, get the contact number (0845 blah) and ring up and tell them, they will ask you a few questions and if its wrong will sort it there and then.

rog

iTrader: (2)

Sounds simple, cheers! As long as i don't get hit for a big bill.

Dan Cossie

you could get a nice rebate though mate so well worth the try