HMRC Tax codes, the importance of having the right one!

http://www.tarpon-uk.com/?WT.m... 643 1580Tax CodesWe get a lot of queries on tax codes, so we've put together a quick summary of the most common questions: A tax code makes sure you pay the right amount of tax. Your employer uses your code to calculate the amount of tax to deduct from your pay or pension. A tax code is made up of one letter and several numbers such as these: (raise a board or have wording appear on screen giving examples)522L or K497You can find your tax code on your P45, that's why this is so important to give to your new employer. If you've lost your P45, you won't be able to get a replacement. Your new employer will give you a form P46 to complete so that the tax office can give you a tax code for your new employment.The most important thing we do here is getting the tax right. And tax codes directly affects your earnings and what you take home at the end of the month.• WHAT IS A TAX CODE?• It makes sure you pay right tax• Employer uses code to calculate the right tax deductions• Tax code made up of one letter and several numbers• WHERE CAN YOU FIND IT?• Tax code on your P45• Hence important to give to your new employer• If lost can't get P45 replaced• Can use P46 to get your tax code for new employment

Channel: News & Politics
Uploaded: May 14, 2008 at 10:21 am
Author: TarponLtd

Length: 01:26
Rating: 4.72
Views: 424

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