S – Tax is deducted from income in the Scottish tax bands. This is used if your main home is in Scotland. AA warns drivers to avoid puddles in case they're perilous potholes after a record month of related breakdowns NT – No tax is deducted. This is only used in very specific cases, but it’s applied to you if you’re classed as self-employed and therefore not subject to PAYE. I'm a postman - morale is at an all-time low: What posties REALLY think of Royal Mail... and why you're waiting weeks for post The current tax codes are based on several factors, including earnings, marital status, benefits received, such as company cars, and expenses incurred. If your code is wrong, you could end up paying either too much or too little tax.

If you don’t provide your employer with the details they need (such as any benefits you’re receiving, allowances you’re claiming, or income you’re getting from another job or pension), you’ll find yourself on an emergency tax code. This means you’ll be taxed on any income over your basic Personal Allowance. The abbreviation BR refers to the basic rate tax code. This job’s earnings are taxed at a rate of 20%. It is common if you have more than one employment or pension. 2. D0 is the tax code Once you’ve discovered your tax code on your payslip, you must understand what it implies. Each tax code letter has a distinct meaning, and not everyone will have 1185L. Thus here is a list of UK tax codes with brief explanations: 1. The BR tax code

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The letter refers to your personal situation and can detail everything from your relationship circumstances to your pension. If you have the incorrect HMRC tax codes, your profits will not compute correctly. In other words, you’re either paying more than you should or will be hit with a bill you don’t want. It all emphasizes the need of having tax codes clarified. West End landlord Shaftesbury Capital defies the High Street gloom as it revels in Christmas sales lift K in your tax code indicates that deductions for the previous year’s corporate perks, pension, or tax usually are required, and this amount is more significant than your limit. 5. The L tax codeDo NOT accept insurance price hikes if they're more than 10%: Our urgent message to readers facing huge rises to their home or car cover Either will appear at the end of your code (like 1257W1) to determine what you paid specifically during the period of uncertain tax information. HMRC sometimes uses X on UK tax codes which encompasses W1 and M1.