Anybody able to help me with tax codes?

- R
- ryouwho
  
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posted
17 years ago

Fri, Oct 13, 2006 3:44 PM

I've long suspected I'm being over taxed. For the first few weeks in this job I was on emergency tax. It wasn't until I raised it they told me to do a P46. I never got the emergency tax back (does this have to wait until the end of the year- I did the P46 back in July!)

I now have a tax code of '0503L/1'

What does that mean?

The rest of my payslip says

GROSS 221.25 NI 13.67 Income Tax 22.31

NET 185.27

Does that sound normal taxation for a single guy with no other job? Who do I see about getting my emergency tax back, my employment agency or Inland revenue?

Any advice most gratefully received.

Kind regards

Paul

- B
- Bedders
  
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posted
17 years ago

Fri, Oct 13, 2006 4:05 PM

x-no-archive: yes

the 503 part multiply this x 10) is roughly amount of pay that you could earn, before paying tax (not N.I.) - total deductions will be approx 20% of gross salary.

The letters is your tax status- single, married, kids etc. If this is your first job, your employer would start on the basic rate ('emergency' tax) ratem until a code is issued by the inland revenue, then it should even out, and any overpayment is either refunded, or put against future deductions- check your payslips, as you may have a credit showing already, so no in thr hand, as it were.

if you were unemplyed, or had 2 jobs for some time, there may well be an adjustment due- call the localtax office to check. they are humans (i think!)

- L
- Les Steel
  
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posted
17 years ago

Fri, Oct 13, 2006 6:20 PM

503 is your tax free amount (5035 this year) L means your younger than 65 and can have the normal personal allowance, the 1 means your on week one or month one basis.

Get the PAYE number off your employer and ask them to give the telephone number for the tax office they deal with (likely to be 0845 number for a contact centre) and have a word with them. If your still working for the agency and the revenue sends a code out taking you off week one the agancy should refund you in your wages.