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Your Tax code
Every person in the UK gets a set amount of money per financial year for which they pay no tax and NI on. This is known as the tax free allowance. Above this amount, people will pay the relevant tax and national insurance. For example, in the tax year/financial year 2023/2024, every UK resident had £12,570 as their tax free allowance. This is translated into a tax code, in this case 1257L (£10,500 would be 1050L and so on). This would become a standard tax code for that financial year. It allo
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