 How to Save Tax On salary? |
my salary up to dec 08 is 224000/- i want to save Tax on it,
i do not have any saving like lic,ppf , taken education loan in 2003 of Rs.75000/- for 7 years can it help
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sexyasshotstuff | Im 18 and get paid 175 a week my tax code is 522L(1) is this right please help??? |
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Paul F
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Your tax code is nothing to do with how much you get paid.
522L is the code for a single person.
It means you don't pay tax on the first £5,220 a year (or £100 a week) so you should be paying tax on £75 per week |
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jude
|
sounds right if your are single. It means you can earn £5220.00 before tax, so your yearly salary at the rate of £175.00 pw is £9100.00 Therefore you will only be taxed on the £3880.00 a year. |
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suerye
|
No, its not correct - you are on emergency code because your employer did not have a P45 from you when you started. You need to download a form P91 from www.hmrc.gov.uk, fill it ion and send it to your tax office. They will then issue a correct code (522L) and you will get a refund of tax overpaid.
Other answerers are only guessing Im afraid. |
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steve j
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522L(1)= you have no dependant children, no underpayment on tax from last year so it looks right.
It does mean that for the next 50 years Alistair Darling and the rest of those blood sucking leeches will be taking far too much money that you deserve to enjoy and waste on their pet projects.
Bummer isn't it. |
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Quickswitch79
 |
That sounds right. As long as it doesn't say ET (which stands for Emergency Tax).
Depending on what wage bracket you're in, each person has their own tax code. Providing you've given your new employer your P45, you'll be fine. |
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old know all
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Yes. This will mean that whatever you get paid by 5th April will have the correct rate of income tax and national insurance contributions deducted from it. You should shortly get a new tax code to take effect from 6th April. Because personal allowances have increased, you should get a code of 543L (without the 1) and your tax will go down slightly. |
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steffi
 |
Looks as though your employer is using a month/week 1(emergency) code for you. When did you start this job? The tax office may not have a complete history of employment/education for you from 6th April last to date, so P91 is the way to go as Fengirl2 says.
With regard to other answers, 522L is currently everyone's code for the under 65s who don't have benefits in employment or other small variations. Having a spouse or children doesn't affect it. Will go up to 543L on 6th April. |
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southy_39
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if your uncertain call HMRC (HM Customs & Revenue) on :- 08450703703 explain your circumstances to them and they can inform you if you have the correct tax code. |
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davenar.t21@btinternet.com
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All depends how many hours you are working. To work out your tax code you need to divide 5220/52 =£100 this is your weekly allowance without tax
say you get paid £6 an hour if you worked 40 hours your weekly wages= 40*6 = £240-100(tax allowance)=140*20percent (tax) =£28 + 240 *8.5 percent ( national insurance) =£20.40 therefore net wages = £240-(28+20.40)= £191.60. Hope that help |
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Skye J
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have you tried calling you taxer??? i think its not far off from right but jjust check it out
=D hope i helpd you XXxxXXxxXXxxXX LoL |
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