• 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 alloPopular

• Why has my tax code changed?

  Tax code can change for several reasons. Here are some common factors that might lead to a change in your tax code: Changes in income: If your income has increased or decreased, your tax code might be adjusted to reflect this change. New benefits or allowances: If you started receiving new benefits or allowances from your employer, this can impact your tax code. For instance, receiving job-related expenses or other allowances can change how much tax you need to pay. Changes in personal ciFew readers