Tax Codes

jonsyt

Its seema im paying quite alot for tax and nat insurance . Its as much at 80 a week tax and 60 ins my tax code is 747 l is this normal or is the code an emergancy tax code

McKneff

747 is the normal tax code.

So you arent actually paying any more than anybody els.
It means that the first £7470 is tax free, you pay 20% tax on this. NI is 12%.

The 7470 is divided by 12 (months) you can earn up to that amount and pay tax on the rest.

Divide by 52 if you are paid weekly

MrsManda

747L is the standard tax code. It means your personal allowance is 7475 which is spread across the year. So if you're paid weekly you shouldn't pay tax on the first £143.75 you earn then 20% on everything above that until you start earning ~£816 when you start paying some higher rate tax.
http://www.hmrc.gov.uk/rates/it.htm
http://www.hmrc.gov.uk/incometax/codes-basics.htm

For National Insurance you pay 12% of everything you earn between £102 and £817 a week and a further 1% on top for everything you earn over £817
http://www.hmrc.gov.uk/rates/nic.htm