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Tax is Taxing

Scattybetty
Scattybetty Posts: 3 Newbie
in Cutting tax
Can someone please explain, if anyone knows, why my tax code on my payslip is 747L !!!? I don't know what this means but have had it on every wage slip since October 2010, as soon as coming off emergency tax?

Comments

  • System
    System Posts: 178,413 Community Admin
    10,000 Posts Photogenic Name Dropper
    747L means you have a tax free allowance of £7475 which is the allowance for 2011/2012.
    Bit worried though at it being on any payslip from October 2010 to March 2010 as the allowance in that year was £6475 so your code should have been 647L
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • ceeforcat
    ceeforcat Posts: 1,131 Forumite
    You are allowed to earn 7475 before paying tax - they simply knock of the last digit to arive at yur code. The L is a suffix. If the allowances go up by, say 640, as they will in April, employers will be asked to increase all 'L' codes by 64. Your code wll then be 810L
  • Scattybetty
    Scattybetty Posts: 3 Newbie
    Sorry maybe didn't explain properly......I understand the numbers and the L bit, thats fine and is always in accordance with standard tax codes. Its the !!! at the end that i don't understand, as never had that in any job I've previously had?
  • Scattybetty
    Scattybetty Posts: 3 Newbie
    The !!! is C U M on my wageslip collectively together, and always after the L
  • ceeforcat
    ceeforcat Posts: 1,131 Forumite
    It means cumulative - i.e. your accumulated allowances since April are taken into account on each pay day which is correct. Sometimes the emergency code has to be used and it would say w1 or m1. everything is fine.
  • heretolearn_2
    heretolearn_2 Posts: 3,565 Forumite
    lol, I was wondering why your tax code included exclamation marks!
    Cash not ash from January 2nd 2011: £2565.:j

    OU student: A103 , A215 , A316 all done. Currently A230 all leading to an English Literature degree.

    Any advice given is as an individual, not as a representative of my firm.
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