What do these tax codes mean ?

jem16

ipri wrote: »

I have no complaints about this but will feel happier when / if things eventually settle down. thanks again ian

You will probably find it will settle down as from next month but as others have said your tax will go back to near enough what it was when you paid the 647L M1 code.

Your £100 rebate was because you paid too much tax earlier in the tax year.

One thing to remember is that as a higher rate taxpayer you will have to pay some extra tax on any savings interest - don't forget to let HMRC know of this and they can adjust your tax code.

dtaylor84

CLAPTON wrote: »

a change of code by 20 equates to a tax change of 20x 20% = £4 per YEAR and not per month

Oops, yes, you're quite right.

I only put £4 originally and thought I should clarify a bit before I hit 'Submit'... some clarification that was...