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tax question!

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I've just got my first paycheck from my new job and realised I haven't been taxed (apart from national insurance). This is my first job after uni and in this financial tax year and my code is 647 L- …
torapoole Avatar
7y, 6m agoPosted 7 years, 6 months ago
I've just got my first paycheck from my new job and realised I haven't been taxed (apart from national insurance). This is my first job after uni and in this financial tax year and my code is 647 L- does anyone know why I've not been taxed and if I'll get stung later?! Cheers xx
torapoole Avatar
7y, 6m agoPosted 7 years, 6 months ago
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#1
[FONT=Verdana]UK Tax Codes Explained
http://www.smallbusinesspro.co.uk/tax/tax-codes.html

I'll see if I can find anything else out for you mate.

Cheers, Scotty Boy! :thumbsup:[/FONT]
#2
[FONT=Verdana]HM Revenue & Customs: New Employee: Using the Right Tax Code
http://www.hmrc.gov.uk/paye/employees/start-leave/tax-codes.htm

Cheers, Scotty Boy! :thumbsup:[/FONT]
#3
You don't have to pay tax until you have earned a certain amount in a year (tax year, April - March). Once you've earned that much, you'll pay. Believe me, you'll pay.
#4
Isn't the first £6,475 tax free?
#5
647 L - means you can earn 6470 across the year (tax)
its because you have started work half way through tax year
dont worry youll be hammered next year - april

usual tax code is 543L?
[mod]#6
Jonny_K
Isn't the first £6,475 tax free?


Yes, thats why (as I was told) the tax code is 647L. That is your tax "allowance".
#7
Scotty Boy
[FONT=Verdana]HM Revenue & Customs: New Employee: Using the Right Tax Code
http://www.hmrc.gov.uk/paye/employees/start-leave/tax-codes.htm

Cheers, Scotty Boy! :thumbsup:[/FONT]


Cheers for that, looks like I have the standard code!

virus
You don't have to pay tax until you have earned a certain amount in a year (tax year, April - March). Once you've earned that much, you'll pay. Believe me, you'll pay.


Haha cheers- that would make sense- I always thought my tax free allowance was staggered over the year but if you're right it would explain why I haven't been taxed. Lucky me eh!
#8
Thanks for your replies everyone- you've been really helpful :)
[mod]#9
torapoole
Thanks for your replies everyone- you've been really helpful :)


Good luck in your new job. :thumbsup:
[Moderator]#10
magicjay1986;6139841
Good luck in your new job. :thumbsup:

+ 1, hope it goes well, enjoy your first paycheck :)
#11
magicjay1986
Good luck in your new job. :thumbsup:


bigflump
+ 1, hope it goes well, enjoy your first paycheck :)


Cheers guys, I'm looking forward to spending it :D

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