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Change in tax coide
zudecke
Posts: 582 Forumite
Hi,
Recently got a £2k pay rise and calculated my tax against my gross December salary and found that it just 16.2%.. Silly question, but shouldn't it be 20%?
My tax code is 634L and the tax period (whatever that is) is 9.
Any ideas? Not complaining, just trying to work it all out..
regards,
Z
Recently got a £2k pay rise and calculated my tax against my gross December salary and found that it just 16.2%.. Silly question, but shouldn't it be 20%?
My tax code is 634L and the tax period (whatever that is) is 9.
Any ideas? Not complaining, just trying to work it all out..
regards,
Z
0
Comments
-
Possibly because you are not taking into account personal allowance...
Your tax code 634L is letting you know that you can earn £6340 per tax year tax free. Which for employed monthly employee means £528 per month tax free.
By the way ordinary person gets tax code 747L currently (£7475 tax free). You must have some kind of a benefit that is taxable to have 634L..? Medical insurance... car...0
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