Archive for August, 2014

Whats in your Tax Code?

BR – All income taxed at basic rate (20%) 0T – Zero Tax Free Allowance D0 – All income taxed at higher rate (40%) D1 – All income taxed at additional rate (45%) NT – No Tax is deducted V –  Basic Tax Free Allowance for people born before 6.4.38 P –  Basic Tax Free Allowance for people born 6.4.38 – 5.4.48 L –  Basic Tax Free Allowance for people born after 5.4.48 T – Other items in tax code that HMRC needs to review K – Deductions exceed tax free allowances If you think your tax code is wrong…

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