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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
Im a married man, I've got a child.My tax code is 503l, is my tax code right? |
Im a married man, I've got a child.My tax code is 503l, is my tax code right? I always find it amazing that some US people answering questions in a UK subsection still assume that you are from the US! Yes your tax code is correct, unless like others have already stated you get any benefits from your employer. Tax codes used to be adjusted for Married Man's allowance and other things (back in the days when we had tax codes ending in A and H) but not any more. Now we have the tax credits system, this takes away the need to adjust the tax code to "reimburse" the parent. The 503L is a "standard" tax code applicable to everyone as a starting point from 6th April this year. Hope that helps Source(s): www.hmrc.gov.uk www.armstrongpayrollsolutions.... How should I know? Make an appointment with my Accounting office. Pay $500 and I'll answer your question. If not, CALL YOUR DARN ACCOUNTANT. If you don't have an accountant, call government TAX DEPARTMENT. As a UK employee, your tax code should be - 503L. Your code would only usually be lower if your company provide you with any benefits (i.e. Car, Medical Insurance etc.), or if you have underpaid tax from previous years. http://www.taxtips.co.uk/index.htm... http://www.paypershop.com/faqer/payrollt... Test Data 2006/2007 http://www.hmrc.gov.uk/ebu/fot_spec0406.... the tax code should be right... the question is whether have you apply for child benefits??? |
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