Tax Codes

Discussion in 'SMB' started by PixieFaceFTM, Mar 13, 2018.

  1. PixieFaceFTM

    PixieFaceFTM Winger

    Can someone explain how tax codes work?

    Basically I’ve been on “1000t” and they’re putting me onto “1184T”

    What does this mean?!?
     
  2. Frijj

    Frijj Striker

    It means your personal allowance is 11,840 and the T means:

    "Your tax code includes other calculations to work out your Personal Allowance, for example it’s been reduced because your estimated annual income is more than £100,000"

    Tax codes - GOV.UK

    Apparently anyways. Could be wrong. Probably am. This does not constitute legally binding tax advice. Terms and conditions apply. Please see reverse for best before.
     
  3. RTGAdmin

    RTGAdmin Administrator Staff Member

    Sounds like you have paid too much and now they are giving you back some through your tax code.

    Basically for the first £11840 of your income you will pay no tax

    Normal tax code would be 1150L which would mean £11500 without tax
     
    TopCat and PixieFaceFTM like this.
  4. Old Prestonian

    Old Prestonian Striker

  5. So, Pixie is selling that video then.
     
  6. Harry Angstrom

    Harry Angstrom Striker

    you earn 11840 before being taxed. T is the HMRC need to review something with you. No major issue.
     
  7. yorkyexile

    yorkyexile Striker

    have you just started a new job? Is 1000t not an emergency tax code till they get your details through?
     
    FishburnMackem likes this.
  8. HABA87

    HABA87 Winger

    Is it 1184 or 1185? The new tax alliwanca is £11850

    Allowance, android phone. :rolleyes:
     
  9. Frijj

    Frijj Striker

    Alliwanca :lol:

    [​IMG]
     
  10. Mackem00

    Mackem00 Striker

    Means you'll come out with a bit more. Hooray!
     
  11. HABA87

    HABA87 Winger

    :lol::lol:
     
  12. PixieFaceFTM

    PixieFaceFTM Winger

    Yeah like last May I started it, I’ve been being taxed like that since then
     
  13. AndrewP

    AndrewP Striker

    When you say putting you onto, do you mean next month?

    If so, the standard is 1185L is the standard tax code. Maybe you just owe them a couple of quid. :lol::lol:
     
  14. PixieFaceFTM

    PixieFaceFTM Winger

    Aw I hope not! The last 3 years I’ve always had issues where I’ve paid too much!
     
  15. AndrewP

    AndrewP Striker

    If that's the code from next month then they're trying to recoup 16p a month from you over the next 12 months. Presuming you're not married and using some of your husband's tax free allowance of course.
     
  16. PixieFaceFTM

    PixieFaceFTM Winger

    No they said it’s for the next tax year
     
  17. AndrewP

    AndrewP Striker

    Aye, that's right then (next tax year begins next month btw). In that case you'll be paying about 16p per month more tax than you should be as you owe them £2.

    I hope you don't miss it too much. ;)

    Either you owe them money (£2), or they think you're going to earn £104,000 this year.
     
    Last edited: Mar 13, 2018
  18. Sheldon_Cooper

    Sheldon_Cooper Full Back

    Given how this place is at the moment you realise there will probably be about 20 threads soon discussing the possibility/probability of you going into administration??? ;):lol::lol:
     
    PixieFaceFTM likes this.
  19. T or W tax code suggests a second source of income IIRC
     
    yorkyexile likes this.
  20. gatopreto

    gatopreto Midfield

    It's good news, means your tax free allowance is increasing to £11840. If your code was previously going to be 1000T it means your personal allowance was originally going to be £10000. In real money terms you'll be around £368 better off. I take it this is for 18/19 tax year. You must have a very small deduction in your code still though as the personal allowance is 11850 for 18/19.

    £2 is correct if they pay tax at 20%. Not if they are a 40% payer. If they were on £104,000 there personal allowance would be reduced to 9850 and a code of 985L
     
    Last edited: Mar 13, 2018

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