What does this tax code mean?
- Thread starter Pate
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Associate
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Your tax code determines your tax free allowance and and rate. There's no single tax rate for part time work, i've not did payroll in years but I think yours is a week one tax exempt code (can someone correct me here)?
[edit] NI is different from tax
[edit] NI is different from tax
this is a guess but I'd presume its week 1 No Tax as NT is the code for no tax when paid monthly. I presume you've been charged tax though and that's why you're asking? Or does your payslip only show the NI deduction?
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I was just curious. I don't think I've been charged tax, I'm just annoyed that out of my work that I do in a week, I essentially "lose" 3hrs of my pay in NI.
Suppose I should get used to work haha.
Associate
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You'll dislike it more when your tax code gets corrected and your pay packet gets tighter!
It's code NT, operated on a week/month1 basis. It is NOT an emergency code, that would be 747L on a week/month1 basis.
NT means No Tax, and the Wk1 bit means that it's not operated cumulatively over the year, but applied to each month, or week individually.
I'm guessing that you completed a form P38(S), as that would be the only reason that you should be on that code without HMRC notifying you that you should be on that code.
NT means No Tax, and the Wk1 bit means that it's not operated cumulatively over the year, but applied to each month, or week individually.
I'm guessing that you completed a form P38(S), as that would be the only reason that you should be on that code without HMRC notifying you that you should be on that code.
Haven't filled any forms in, just signed on a recruiting agency and started working. I don't even remember giving them my NIN.
Just bloody annoying. Working 40+ hrs a week at the moment as I thought I wouldn't be charged anything as I'm still a student.
Obviously a dumb ass student.
Chippie is right ist for students who have completed a P38(s) so you pay no tax. You still have NI to pay if you earn more than £90ish quid (cant be arsed to check the right figure)
Don;t complain, paying NI is nothing. You would have lost another £60 if tax was been charged so work as many hours as you can. Chances are you will take more than most people who pay tax.
Don;t complain, paying NI is nothing. You would have lost another £60 if tax was been charged so work as many hours as you can. Chances are you will take more than most people who pay tax.
Unless you make over £7,475.
I've only made it over a £1,000 in the past couple of weeks, so unlikely to hit that much before term starts!
Soldato
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When I used to do loads of overtime it was if you earned more than ~£100 a week you got taxed and at the end of the year or the next month got a credit in tax back.
Earn over your PA of £7475/12 months and you have to pay tax but will get it back at some point.
Earn over your PA of £7475/12 months and you have to pay tax but will get it back at some point.
Haven't filled any forms in, just signed on a recruiting agency and started working. I don't even remember giving them my NIN.
Just bloody annoying. Working 40+ hrs a week at the moment as I thought I wouldn't be charged anything as I'm still a student.
Obviously a dumb ass student.
As a student you get your tax free allowance in advance. You should only start paying when you reach the £7475, when you will change to a BR code - meaning no taxable allowance. It ensures students do not have to reclaim tax.
Soldato
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Is 747L not also the standard tax code? I have been on it for the last 4 years (well variations of it due allowances) and I get paid weekly.