What is the tax code for the 2014/2015 tax year?
The basic tax code for the 2014/2015 tax year is: 1000L
The 2014/2015 tax year starts on the 6th April 2014 and ends on the 5th April 2015.
What does the 1000L tax code mean?
The basic tax free personal allowance will be increased by £560 in the 2014/2015 tax year, meaning the amount you can earn before paying income tax will be £10,000. The basic personal allowance in the 2012/2013 tax year was £9445, so the increase can result in you paying less income tax. The tax code you have tells you the amount of tax free personal allowance that you have been given for that tax year.
When do I get my 2014 tax code?
The 2014 tax code should be used from the start of the tax year on 6th April 2014. Both you and your employer should be given a notice of coding confirming your new 2014/2015 tax code.
Should I have a 1000L tax code?
The tax code you are given is particular to your own tax position, and you won’t necessarily have a 1000L tax code. Your own personal circumstances effect your tax code, and how much tax free personal allowance you are permitted. For this reason you should that your tax code is including any company benefits and job related expenses you have.
Is my tax code correct?
There are many reasons why you might have an incorrect tax code. The 1000L tax code is just a starting point and can be increased or reduced depending on lots of different factors. It’s common for tax codes to be incorrect which will mean you can either pay too much, or too little income tax.
TIP - Ensuring your tax code is correct is seen as your own responsibility, therefore establishing whether yours is right is important. When checking your tax code you can also find out at the same time if you’re due a tax rebate.