What is the 2014/2015 tax code?
The basic tax code for the 2014/2015 tax year is: 1000L
The 2014/2015 tax year started on the 6th April 2014 and ended on the 5th April 2015.
For details of the 2015/2016 tax code, click here.
What did the 1000L tax code mean?
The basic tax-free personal allowance was increased by £555 for the 2014/2015 tax year, meaning the amount that could be earned before paying income tax increased to £10,000. The basic personal allowance in the previous tax year was £9445, so the increase meant that less income tax being paid.
The tax code you have tells you the amount of tax-free personal allowance that you have been given for that tax year.
When was the 2014 tax code issued?
The 2014 tax code should have been used from the start of the tax year on the 6th of April 2014. Both you and your employer should be given a notice of coding confirming your new tax code prior to the beginning of each tax year.
Should I have had a 1000L tax code?
The tax code you were given would have been particular to your own tax position, so you might not necessarily have had a 1000L tax code. Your own personal circumstances affect your tax code, and how much tax-free personal allowance you are permitted each year. For this reason, you should know that your tax code includes any company benefits you have and the job related expenses you incur.
Was my tax code correct?
There are many reasons why you might have been issued with an incorrect tax code. The 1000L tax code is just a starting point and may have been increased or reduced depending on lots of different factors. It’s common for tax codes to be incorrect, which means you may have paid either too much, or too little income tax.
TIP – Ensuring your tax code is correct is seen as your own responsibility, so establishing whether yours was right is important. When checking back on your tax code you can also find out if you’re due a tax rebate too.
Are you due a tax rebate? Find out today...
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