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Started first job in August - Tax code 647L CUMUL
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newaccount_2
Posts: 41 Forumite
in Cutting tax
Am I on the right tax code? This is my first tax code. Please advice.
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647L cumul is a normal tax code for some-one with just one job
what is your concern?0 -
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newaccount wrote: »Seemed to be paying quite a lot of tax.
You have a personal allowance of £6475 per annum (£7475 from next April). As you didn't start work until August - then you had 4/5 months of personal allowance (it's doled out at £540pm) to catch up on. Depending upon your salary - you probably now have caught up, and will be paying more or less the normal rate for the rest of the year.
It's possibly the acceleration of payment from the 'stored' personal allowance ..... that's making it seem a lot? If you post your annual rate of salary ..... someone will tell you what you will normally pay each month?If you want to test the depth of the water .........don't use both feet !0
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