Can someone let me know the details of the UK tax code 527L ?
Answers:
you can earn £5,270 quid a year before tax. . and the L is some sort of stupid weighting they put on it . .mine's 0L because of a stupid bloody company car
Just thought . . Anyone else got a 0 tax code, think i'm being stitched somewhere :(
It means u can earn 5270 before getting taxed!
It's the amount that you can earn before you are taxed. Just add a zero on the end, so you can earn £5,270 before you are taxed. This is then divided by twelve and subtracted from the monthly income tax.
It's your tax free allowance on your income witch is £5,270 before tax. sorry I can't help with the (L) though.
It's your 'Personal Allowance' i.e. how much you are allowed to earn before you start getting Taxed.
In this case, £5,270 (in the year).
The figues 527 tels you that you are able to earn in a year £5270.00 tax free, in other words you do not pay tax if you earn less than this a year.
The letter L - is used if you are eligible for the basic personal allowance. In other words the normal allowance.
Now the tax free allowance is used as follows if you are paid monthly then the allowance is divided by12 thus £5270.00/12=£439.17, therefore anything over this amount in a month will be taxed.
If you are paid weekly then the allowance is divided by 52 thus
£5270.00/52 = £101.35, therefore anything paid over this amount per week will be taxed.
Hope that helps
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
More Related Questions and Answers...