What is tax code 647L?

mitchaa

bloy182 wrote: »

Hi - i have the 647L too, before it was 503L
It seems im getting taxed more,
I earnt £3010 before deductions
i paid 494 Tax and 278 N.I., in total £772 deductions
Is this right? it seems like a lot of money being deducted

£772/3010 = 25.6% of your salary, meaning you keep 74.4%. I would hardly say that seems like a lot

Considering we have a 20% tax rate and an 11% national insurance rate so a combined 31%, you will find that your tax deductions are normal. (Your PA equates for the remaining 5.4%)

Everyone in 09/10 will be getting taxed less than in 08/09 if wage is static.

CheekyMonkey

My tax code is 591L, yet a colleague earning the same salary is on 647L. Is mine incorrect, am I paying too much tax?

jem16

CheekyMonkey wrote: »

My tax code is 591L, yet a colleague earning the same salary is on 647L. Is mine incorrect, am I paying too much tax?

Who knows - apart from you.

Your code is not based on how much you earn but your own specific circumstances. 647L is the standard tax code for those under 65. However this code can be different if you have taxable benfits such as medical insurance or a company car. Or it could be that you owe tax from a previous tax year and your code has been adjusted to take account of that.

What did your notice of coding say?

alantylermorgan_2

I was unemployed claiming JSA for over a year before my recent job which I have been in for now for 18 months. My querie is that I have always paid full tax and should that be the case ?? how does the amount you can earn before paying tax work ?? my current code is 647l, thanks in advance to anybody who can be of any help.

dzug1

alantylermorgan wrote: »

I was unemployed claiming JSA for over a year before my recent job which I have been in for now for 18 months. My querie is that I have always paid full tax and should that be the case ?? how does the amount you can earn before paying tax work ?? my current code is 647l, thanks in advance to anybody who can be of any help.

On the limited info you've given you have probably paid and almost certainly are paying the right amount of tax. Your tax code is standard - it means you have allowances of £6475 a year (£6479 if being really picky)

Depending on how often you are paid you can earn 1/12th (monthly) or 1/52nd (weekly) of this before paying tax. The whole thing is recalculated on a rolling basis each payday

alantylermorgan_2

dzug1 wrote: »

On the limited info you've given you have probably paid and almost certainly are paying the right amount of tax. Your tax code is standard - it means you have allowances of £6475 a year (£6479 if being really picky)

Depending on how often you are paid you can earn 1/12th (monthly) or 1/52nd (weekly) of this before paying tax. The whole thing is recalculated on a rolling basis each payday

Appreciate the quick response, thankyou.

ajjamesxx

Hi I am on tax code 647L I have been in my current job since august but ive not paid any tax so far. Is this right?

CLAPTON

ajjamesxx wrote: »

Hi I am on tax code 647L I have been in my current job since august but ive not paid any tax so far. Is this right?

depends upon your income and tax paid between 6th april 2009 and august

and depends upon your the income between august and now.

gerteix

Hi, aside from my tax i am also paying social security. Does anyone know how much you pay of social security ? what is the relation of it to gross salary?

thanks

iamana1ias

gerteix wrote: »

Hi, aside from my tax i am also paying social security. Does anyone know how much you pay of social security ? what is the relation of it to gross salary?

thanks

it's called National Insurance, not Social Security.

http://lmgtfy.com/?q=national+insurance