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## Tax Codes – Understanding Them In Order To Avoid Paying The Wrong Taxes

When you part with your hard-earned savings to pay your taxes, are you sure you’re paying the right amounts? Or do you suspect that you may be paying more than you should? Understanding your tax code and knowing what it means gives you some peace of mind that you are actually paying the government.

What is the tax code?

Calculating income tax can seem complicated if you don’t have a clear understanding of your assigned code. Your code consists of numbers and letters issued to your employer by HM Revenue and Customs (HMRC). It is used to determine the correct amount of income tax that your employer will deduct from your salary each month. Some tax codes will look like these: 434L, 323P, 456V, K345, DO, NT, BR, and OT.

What do the numbers mean?

The number shows your tax allowance or the total amount you are allowed to deduct from your gross income for the year. Your tax allowance is calculated using the following formula:

Tax relief = Number X 10 + 9

To clarify, a 434L code means that you have a tax allowance of 4,349 that can be deducted from your income for the year to reach your taxable income. Thus, if you earned 30,000 a year, your taxable income would be 25,651.

What do the letters mean?

The letters outline certain circumstances why you may have to pay certain amounts differently than others. Let’s look at some letters and what they mean:

L – This is the most common code that refers to basic personal allowances.

P – This is for people between the ages of 65 and 74 who are eligible to receive full personal allowances.

Y – This is for people who are over 75 years of age and are eligible for full personal licences.

K – This means that the amount of subsidies is lower than the discount rate.

T – This indicates that there are items that need to be reviewed by the appropriate Tax Inspector.

BR – This stands for basic rate and it means that your gross income will be at the basic tax rate for the current year, but you will not be entitled to personal allowances.

NT – This is used when there is no amount deducted from your income or pension.

D0 – This indicates that you have to pay a higher rate, such as 40%, because of a second job or pension.

D1 – This means that you have to pay a higher rate such as 50% for multiple incomes or pensions.

Almost every citizen in the UK is eligible for personal allowance, which entitles them to a corresponding tax-free income. Earnings above the tax-free income are subject to the basic tax rate up to a certain limit while higher incomes are subject to higher taxes according to the income thresholds set by HMRC. As such, knowing your tax code as determined by HMRC is important to know if the government is imposing the correct assessment on you.

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