Tax Code Query

chou-chou

Hi there.

Sorry if this is a dim question - not really got my head round tax codes to be honest.

I've just received my tax code for 2012/13 from HMRC and I'm down as 103L which seems low. From a bit of investigation on the MSE site it seems that the 103 indicates my pre tax allowance so that would be £1035 - seems low but I may just be completely confused!

I'm married, 39 and earn £41716 before tax. Last month my payslip was:

£3476.34 basic pay
-£173.82 pension
-£187.83 other benefits

-£613.46 tax
-£301.52 NIC
-£26.92 company car top up payment

So net pay was £2172.79

My tax code for 2011/12 on my payslip is 318L.

Can anyone tell me if I'm on the right code for last year and if 103L is the right code for me for next year?

BoGoF

Surely the code gives a breakdown of deductions.

Should show personal allowance of £8105, what has been deducted from that? Obviously you have a company car.

CLAPTON

a normal tax code for this year is 747L which gives you a tacfree allowance of 7475 pa
if your code is 318L then you have an allowance of 3185
this means you have taxable benefits in kind of 4290

is that correct ?
only you can know what your taxable benefits are