Adam-D
Member
Registered: 11th May 02
Location: Cheshire
User status: Offline
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doin my head in this
if my code is 647l.
that means i pay 20%
now is that 20% on my entire earnings for the year?
or is it 20% on what i have earned over the 6.5k mark.
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tom_simes
Show Staff
Organiser: South Wales
Premium Member
Registered: 12th Jan 05
Location: Undy, Newport Drives: Skoda Octavia vRS estate
User status: Offline
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It is 20% of your earnings over £6470.
Edit: i.e., If for example you earn £12000 a year.
Your tax free allowance is £6470 - therefore you pay tax on the remaining £5530.
20% of £5530 = £1106 paid in tax.
Obviously you don't get the rest though - some is NI, and possibly student loan or pension depending on your situation.
[Edited on 13-12-2010 by tom_simes]
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Adam-D
Member
Registered: 11th May 02
Location: Cheshire
User status: Offline
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so say i forcast my earnings roughly to 10k for the tax year.
i would have to pay 20% of 3.5k ??
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tom_simes
Show Staff
Organiser: South Wales
Premium Member
Registered: 12th Jan 05
Location: Undy, Newport Drives: Skoda Octavia vRS estate
User status: Offline
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Yes Adam, if you earnt £10k exactly, it would be 20% of £3530 = £706.
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Adam-D
Member
Registered: 11th May 02
Location: Cheshire
User status: Offline
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cheers that makes me feel better. as in my last job was full time. i have already paid more tax than that.
now im part time. . there gonna owe me some money.
just gotta phone them up and see how much and how i claim it.
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