2007-03-28 11:07:59 · 9 answers · asked by Sky 2 in Business & Finance ➔ Taxes ➔ United Kingdom
You have a mixture of semi correct answers here.
Code 503L is a basic PAYE code, giving the basic personal allowance which is due to everyone. If it has wk1/mth1 or X after it on your payslip, then that is emergency code. It just means that your employer does not know what your pay and tax was before you started this job and so they are just deducting the correct tax on a week by week or month by month basis until HMRC tells them what the previous details are.
Code BR is not emergency tax - it is basic rate tax (22%) which is normally applied to a second income where all the personal allowances have been used against another source of income.
2007-03-28 19:46:00 · answer #1 · answered by fengirl2 7 · 0⤊ 0⤋
no it is your tax free allowance. If it has a 'week 1' qualifier it means you've filled in a p46 and your employer doesn't have your year to date full tax info so every week/month you get taxed as hough you earn that amount every period . Emergency tax code is BR which means you get taxed 22% on everything (soon to be 20%) you earn
2007-03-28 18:14:48 · answer #2 · answered by Anonymous · 0⤊ 1⤋
No.....there's really no such thing as emergency tax anymore. If the emplioyer is concerned about your tax status he will us a W1/M1 basis. I f you have 2 jobs one of the employers should be using BR as your tax code.
2007-03-28 18:13:15 · answer #3 · answered by nlj1520 3 · 0⤊ 1⤋
I dont think so BR is usually an emergency tax code. Phone up your local inland revenue
2007-03-28 18:13:11 · answer #4 · answered by shelly 1 · 0⤊ 1⤋
503 is the basic personal allowance, so No, it is not an emergency tax code
2007-03-29 00:58:07 · answer #5 · answered by Martin14th 4 · 0⤊ 1⤋
No, that is a basic personal allowance code.
2007-03-29 06:53:43 · answer #6 · answered by Mark J 5 · 0⤊ 0⤋
Yes it is.
I advised to contact the inland revenue or use a company such as http://www.taxfix.co.uk to get this money back as you are probably going to be over paying tax.
I think we all pay enough tax as it is without over paying!
2007-03-28 18:13:53 · answer #7 · answered by MrFinance 3 · 0⤊ 2⤋
The answers were already in yahoo answers...Here are two. Search answers and you will find more
2007-03-28 18:12:18 · answer #8 · answered by itsmyopinionsothere 7 · 0⤊ 0⤋
yes it sounds familiar
2007-03-28 18:11:08 · answer #9 · answered by Anonymous · 0⤊ 2⤋