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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
Tax code 503L1? |
Hi, this is my new job and I am getting a tax code of 503L1. I have read this is an emergency tax code, how can this be normalized and when and how can I get back the tax that I have overpaid? 503L is not an emergency tax code it is the same as mine, its single persons tax code, i went through this situation about 1 month ago, here goes, ill explain it..... 503L is 5035 quid u can earn b4 u start paying any tax on ur earnings, it works out at about the first 93 quid is tax free per week, x4 for monthly or whatever way u earn, then the first 30 quid after that is charged at 10% and the rest up to 33.000 at 24%, , dont forger u got national insurance to pay off that as well and it is taken off after the tax amount has been deducted usualy bout 25 quid, as for the tax they owe u, it wont be that much because the BR emergency code is 24% as well but it will automaticaly go onto ur wage in about 3 weeks if ur tax code is already sorted, a lil call to the tax office can usualy sort it all out, thier number is 08453021463 Source(s): personal experience of being fcuked over by the goverment!!! hi as an employer tax charged at 503L is the normal rate now but yours has the extra digit 1 after it making it emergency tax contact your local tax office in person if possable your employer will have the address take proof of your ni number and you last payslip and your p60 if you have it to hand they should be able to correct this within a couple of hrs and give ou a form to clam back any over charge in tax you need to phone your tax office and tell them your national insurance number they will then adjust it to suit. as for getting it back unless its a shed load of money they usually drop your new code to compensate for your over payment. its not that difficult tax office numbers are in the phone book you need to fill in a form called a P46 or you need to give your current employer your P45 |
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