2007-02-17 00:40:16 · 6 answers · asked by len2boo 1 in Business & Finance ➔ Taxes ➔ United Kingdom
No, it means you will pay less. A K code adds "income" to your salary, so the smaller the K code, the smaller the extra income. You appear to have lost a net 1,800 in non-cash benefits. Check the coding notice carefully and make sure they have included all the benefits-in-kind (BIKs) you receive, or expect to receive if it is a 2007/08 code. If they have not included all your BIKs in your code you will end up owing.
2007-02-17 00:46:00 · answer #1 · answered by skip 6 · 1⤊ 0⤋
Skip's right, an L code is most common. If you have a K code it means you receive benefits or expenses or some other form of untaxed income, which exceeds your personal allowance, which is 5035 in the 06/07 tax year ( the current year). The smaller the K code, the less tax you pay, and if you have an L code you would be paying less tax still. Hope this helps.
2007-02-17 07:05:43 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, I think it means your personal allowance has gone down from 2250 to 650. They publish a booklet about your tax code and what it means.
2007-02-17 00:44:25 · answer #3 · answered by John S 4 · 0⤊ 1⤋
unfortunatley yes - looks as though you underpaid tax in a previous year and now they are recouping that amount
here is a link to a payslip calcuator - may prove useful
http://www.lowtax.co.uk/common/calculators/payroll.html
2007-02-18 04:52:06 · answer #4 · answered by Anonymous · 0⤊ 1⤋
ouch, no more holidays for you, or nights out or christmas's. I'd get on to them, coz surely they can not drop it by that much.
2007-02-17 00:46:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
wow. how much do you earn.. your be paying loads, i think it will be 40% bracket if u in the uk.
2007-02-17 00:43:47 · answer #6 · answered by paulmspencer 2 · 0⤊ 0⤋