Anyone explain a tax code

233 · 22 Nov 2020 at 20:50

Currently on taxicode S424L

anyone tell me what it actually means ? Can’t find a thing mentioning that code online anywhere

Derek W · 22 Nov 2020 at 21:02

https://www.lovemoney.com/guides/15...eck-youre-on-the-right-uk-tax-code-for-202021

EvilRob · 22 Nov 2020 at 21:06

Easy enough to find online...
https://www.gov.uk/employee-tax-codes/letters (and related pages)

It means that you are an employee whose main home is in Scotland (S) who gets £4240 tax free income this year (424) and that you are entitled to the standard tax free personal allowance (L).

Derek W · 22 Nov 2020 at 21:10

Not sure if this is relevant or not https://www.google.com/url?sa=t&sou...FjABegQIHhAB&usg=AOvVaw1ii4Wdeh5XOuyhFX6xWvR8 the 424 code could relate to a tax adjustment?

[FnG]magnolia · 22 Nov 2020 at 21:16

This will be well below their paygrade (wording, cheers) but:

@Kemik

@Pudney

e: fairly sure I posted this after the below comments but let's do the time warp again :jazz hands:

EvilRob · 22 Nov 2020 at 21:21

Derek W said:
Not sure if this is relevant or not https://www.google.com/url?sa=t&sou...FjABegQIHhAB&usg=AOvVaw1ii4Wdeh5XOuyhFX6xWvR8 the 424 code could relate to a tax adjustment?

424 means that he will receive £4240 tax free income this year. Given that he is entitled to the standard tax free personal allowance of £12500, he has deductions of £8260. The easiest way to find out what these deductions are is to visit gov.uk and have a look at your personal tax account. Common deductions are from work benefits such as health insurance or HMRC collecting previously underpaid tax.

Surveyor · 22 Nov 2020 at 21:29

Maybe the OP would like us to know he earns £116.5k p.a.

EvilRob · 22 Nov 2020 at 21:39

Surveyor said:
Maybe the OP would like us to know he earns £116.5k p.a.

If he earned £116k p.a. then his code would not be "L" as he would no longer be entitled to the standard tax free personal allowance.

Siliconslave · 23 Nov 2020 at 11:48

sometimes takes a bit of a wait but i've phoned up HMRC a few times and they are super helpful.

Terminal_Boy · 23 Nov 2020 at 11:53

Siliconslave said:
sometimes takes a bit of a wait but i've phoned up HMRC a few times and they are super helpful.

This. I’ve always found the HMRC call centre staff to be extremely helpful. Especially so if you’re polite at your end as they must get yelled/sworn at a lot.