Tax Codes : Sun Jul 28, 2013 11:25 am
Can any payroll/accountancy types out there clear something up.Most websites on tax codes show that the individual is allowed to earn £9440 tax free, then £32,010 at 20% giving a total of £41,450 before 40% is applied.
My question is, if your tax code is 613L (tax free amount of £6,135 due to a company car) does the £3310 difference count to the £32,010 meaning your overall total is less than the stated 40% rate, or do the two higher figures apply. It's so confusing. If anyone can help, could I PM them with more details please.