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    tax question!

    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

    11 Comments

    [FONT=Verdana]UK Tax Codes Explained
    smallbusinesspro.co.uk/tax…tml

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

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

    [FONT=Verdana]HM Revenue & Customs: New Employee: Using the Right Tax Code
    hmrc.gov.uk/pay…htm

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

    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.

    Isn't the first £6,475 tax free?

    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?

    Supermod

    Jonny_K;6139811

    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".

    Original Poster

    Scotty Boy;6139788

    [FONT=Verdana]HM Revenue & Customs: New Employee: Using the Right Tax … [FONT=Verdana]HM Revenue & Customs: New Employee: Using the Right Tax Codehttp://www.hmrc.gov.uk/paye/employees/start-leave/tax-codes.htmCheers, Scotty Boy! :thumbsup:[/FONT]



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

    virus;6139790

    You don't have to pay tax until you have earned a certain amount in a … 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!

    Original Poster

    Thanks for your replies everyone- you've been really helpful

    Supermod

    torapoole;6139836

    Thanks for your replies everyone- you've been really helpful



    Good luck in your new job. :thumbsup:

    magicjay1986;6139841

    Good luck in your new job. :thumbsup:


    + 1, hope it goes well, enjoy your first paycheck

    Original Poster

    magicjay1986;6139841

    Good luck in your new job. :thumbsup:



    bigflump;6139862

    + 1, hope it goes well, enjoy your first paycheck



    Cheers guys, I'm looking forward to spending it
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