TAX CODES EXPLAINED! (2020)

Are you paying too much tax? Are you on 'emergency tax'? What does this all even mean!?

In this video Dan talks about:

Tax codes explained
Tax code 1250l explained
Tax codes in the UK
HMRC tax codes
HMRC tax coding notices
Company car tax uk
Medical insurance tax

..... and more!

#Accountants #TaxCodes #tax

You can see more about what we get up to on the following:

Call: 02392 240040

[sir_coma]

This is so useful! I didn't understand why I'm calculating this Tax Code until I found this video!

[AROZ]

My mothers tax code changed K320 replaces K191? appreciate response thankyou

[Carl-hgnv]

thanks for the vid. You mentioned a different tax code of 1250BR for people with a second job. For people with two jobs, do they have different tax codes for each job? or would it say 1250BR on both pay slips?

[nursej]

Hi what is tax code 1271 L..I got really confused since I am new here in UK. My friends got 1257 L

[nimishapatel]

Hi, My first job here in UK and my tax code is 0T. Don't know what does it mean, how can I change this.

[dobrepytanie]

I used to be on the 1250L code, then they changed it to BR, then they changed it back to 1250L again. I then got a second job as a delivery driver and my tax code got changed to SD0. Some months later I quit my first job, only now doing the driver one, and my tax code is till SD0. Is this right? I'm being deducted about 30% of my total income. What does SD0 mean?

[Cozy_Corner_by_Aami]

what does 541L X replaces 718L mean please

[sebydias]

W1 tax code still using for me accully l left my fixed job .how to stop that code

[kudzaimusekiwa]

Csn someone be eligible to pay tax after only working for 2 months on your 1st job as a uk migrant

[Powertrader]

Can you please let me know what is 757T tax code refer to

[kawerikamble]

Hi I want to know how to calculate k tax code

[kurtenzena]

is it possible to have a tax code as 1257L on a permanent job and then a tax code of 1257L on an extra job…, ?
I have a colleague who doesnt pay any tax for her extra job???? and me always get taxed because my taxcode is either OTW or BR???

[MRLUCKY-gyqy]

The bank will ask for the tax code if me make an online transfer. tax code you need sending money first. Bank ask. Tell me sir

[fayajkhan]

If I earned say £8000 in the tax year, with my tax code being 1256L, should I have paid any income tax on this?

Also if I got paid 4 months with the MT1 code, should I be worried?

Thanks really appreciate it.

[decision]

Hi so I’m a new starter and my annual is showing to be £26350. My new tax code is 1257L does that mean I can keep 12570 without being taxed at all? Because I am currently on 0T for my first payslip which is the incorrect tax code. I got paid £2967 and had £775 deducted will I get that money back? Thanks

[Albert.]

Can I change which job is considered my second job? My first job is a zero hours contract and I don't get many shifts and I've recently started a new full time job alongside it. The problem is my full-time job is considered my second job and I'm getting over taxed. Any advice would be appreciated, thanks.

[kochuranigeorge]

Why my BR tax code is not changing even if I started my job 3 months back and is my first job. Please help

[thesuperiorman]

Do they still change your tax code if your situation hasn't changed for the past 5 years? The past year they've changed mine 3 times!!! Occasionally I am paid a small bonus by my employer but only occasionally; maybe twice or three times a year. The total is less that a £1000 a year. Beyond that, I haven't received ANY allowance.
This has been my situation for the past 5 years, so why on earth does it keep changing this year? It went from 1250L to 381L M1 to 188L to 903L
Why this year??? It makes no sense.

[Jasonfoy]

Hi I get paid weekly and on the 1257L and if I earn more than the £242 weekly allowance does it all get taxed?

[travellerseko]

My tax code has changed from 1250L to S989L and I am unable to reach to HMRC :( Any idea about the reason of this change? I was a sole trader from 04 jan 2020 to 10 aug 2020 and opened my Ltd company on 11 aug 2020. My accountant didn’t close sole trader one till he make a self-assessment on apr 2021 ( net profit 5233 pound).
Turnover for the period from 11 August 2020 to 31 March 2021 on Ltd company was 18845gbp, profit before tax 7836gbp, profit after tax is 6347gbp.