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Just got mine. 270T. Haven't got a clue what it's all about, if i'm paying too much or too little. I just accept the fact that they take money off me every month and there's nothing I can do about it. But how do you actually know if you're paying too much tax?
Yes.
Yep. It's quite easy to work out.
Have you more than one job, or have you benefits in kind in your main (or only) employment?
i think t means temporary. which probably means high.
http://www.payroll-help.com/faq/what-does-my-tax-code-mean/
Remove the letter add a 0 and that right there is what you can earn tax free next year 🙂
Yes, It means I have bugger all money!
what toby said, and what tom thum said
mines is 0647L which means i can earn £6470 tax free, then taxed on everything else. if it had been 0647H, then H=5 so I'd be on £6475 tax free
T is a high code (you earn less tax free so pay more tax), but is temporary. Once it gets changed to H or L, the number will change as well (you hope) and you'll get a rebate.
Query with your payroll people who will explain why it's happnening
T is temporary. Interesting as I've been here for many years. I have a company van. I also rent a house out, which makes a gross income of £540 a year.
BR is basic rate so ALL of your wage gets taxed at the 20% rate - AKA Emergency tax used usually for second jobs - I got stung on this for ages. got it back eventually!
Is worth checking out. I was having £1,095 taken off the basic tax code for taxable benefits from my previous employer. gave them a ring a few days ago and it was changed.
(Wasn't really sure but as I have retired I keep the benefits but now they are not taxable - don't understand why not tbh)
Another emergency tax coder here. Looking forward to a nice bonus off the tax man!