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do I have to pay tax
kiwi07
Posts: 1,739 Forumite
in Cutting tax
Hi, financial year just began, my tax code is £647L, my employer tax me. Is it correct? Do I have to pay any tax under this tax code if my gross pay up to date is only £391.50?
0
Comments
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The point is that your tax allowance over the year is £6470. This allowance is spread over the year, if you divide £6470 by 52 (weeks) the answer you will get is an amount and anything you earn over this amount then you pay the appropriate amount of tax on that.
Makes it easier for you so its equal over the year seemake the most of it, we are only here for the weekend.
and we will never, ever return.0 -
6470 divided by 52 is £124, so anything over this amount every week will be taxed.0
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Putting it simply, yes it is correct.0
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