which will calculate the right tax code for you? My friend has the same problem he earned £225 this week. He was taxed £23.19 and National Insurance of £14.08. Thus the total deduction was £37.27. His tax code is 503L.
Has he paid too much tax?
2006-10-20 04:37:09 · 6 answers · asked by Siu02rk 3 in Business & Finance ➔ Careers & Employment
I use this site all the time. It should answer your question.
2006-10-20 04:42:04 · answer #1 · answered by Zam 2 · 0⤊ 0⤋
The tax code 503L is this years basic rate tax code so as long as he earns more than approx £5030 in a year then the tax is right.
The only way to query it is by calling Revenue and Customs and for you NI number they will till you which tax office to call - they can confirm your tax code for you and send a letter to your employer if it needs changing but 503L is correct for most people this year. Tax does fluctuate slightly month to month and your employer had no control the amount of tax is worked out from government tax tables so over a financial year you will pay the correct amount of tax.
2006-10-20 11:49:58 · answer #2 · answered by Matt B 2 · 0⤊ 0⤋
Sounds about right,the tax office will correct it for you and give a refund if one is due,if its the first year of employment you will pay emergency tax which is always more.
2006-10-20 11:46:00 · answer #3 · answered by candyfloss 5 · 0⤊ 0⤋
Probably best to call your tax office, the number will be on the top of your latest coding notice.
Believe it or not they're actually really helpful.
2006-10-20 11:40:42 · answer #4 · answered by RRM 4 · 0⤊ 0⤋
yes go to www.listentothetaxman.com there is a quick tax calculate on there that will work out the amount you should pay !
2006-10-20 11:45:01 · answer #5 · answered by charlotterobo 4 · 0⤊ 0⤋
Lets face it we are all paying too much tax.....
2006-10-20 11:39:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋