Very Basic Tax Question

I earn about £36k. My tax code is 492L.

Am I a basic rate taxpayer?

The way I understand it is that the 40% band starts at 33,300 but that's after the allowance has been taken away.

Am I right?

Many thanks!

Am I a basic rate taxpayer?

The way I understand it is that the 40% band starts at 33,300 but that's after the allowance has been taken away.

Am I right?

Many thanks!

assuming there are no complications (like investment income, sales commission, annual bonus):

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Then you can earn:

5225+2150+33300 = 40675 before you pay at 40%

Your code of 492 implies they are deducting some extra tax for something so YOU can earn:

4920+2150+33300 = 40370 before YOU pay at 40%

Yes.

Incorrect. You have made two mistakes (well 3 actually if you include botching up quoting the original text by not having enough '>'s):

(1) 5225 relates to 2007/8 whereas 2150/33300 relate to 2006/7. (2) 33300 *includes* the 2150.

Hence you can earn 5035+33300 = 38335 before paying at 40%.

I think it might be 4929+33300.

I blame that one on HMRC changing the colum headings half way down..

Guilty - I shall go back to sleep for the rest of the day.

The HMRC page is very ugly and confusing. They should have had one chart with "not yet decided" in the appropriate columns.