|
Title: Tax allowances Post by: ronnie21 on Friday, February 17, 2017, 08:51:47 Hi, I know we have some tax gurus on here, quick question: what is the standard personal allowance that HMRC gives us? Many thanks.
Title: Re: Tax allowances Post by: Bewster on Friday, February 17, 2017, 08:52:52 Try here
https://www.gov.uk/income-tax-rates/current-rates-and-allowances Title: Re: Tax allowances Post by: Whits on Friday, February 17, 2017, 08:53:25 https://www.gov.uk/income-tax-rates/current-rates-and-allowances
11k according to this but I know nothing about tax :) Title: Re: Tax allowances Post by: Nemo on Friday, February 17, 2017, 08:56:06 The link above is correct, but it's worth being aware that for an individual it can be reduced to either cover underpaid tax in previous years or as a result of taxable benefits provided for you by your company (private health insurance is a classic example).
A useful thing to know is that if you have a standard "L" tax code, the numbers before it are your tax allowance with the last 0 dropped - so the standard is 1100L, meaning £11,000, dropping as you get it reduced to say 928L for £9,820. Your tax code should be printed on any payslip you have. Title: Re: Tax allowances Post by: ronnie21 on Friday, February 17, 2017, 09:38:10 Cheers guys, just had next year's codes through, £11,500 which I guess is correct based on £11,000 for current tax year - however I have just claimed and received the married man's tax allowance as my wife no longer pays tax and they appear to have missed it off!!
Title: Re: Tax allowances Post by: jayohaitchenn on Friday, February 17, 2017, 10:23:35 Cheers guys, just had next year's codes through, £11,500 which I guess is correct based on £11,000 for current tax year - however I have just claimed and received the married man's tax allowance as my wife no longer pays tax and they appear to have missed it off!! Yep, I've got it too, you should get £12,500 tax free Title: Re: Tax allowances Post by: Ticker45 on Friday, February 17, 2017, 10:54:02 I have just claimed and received the married man's tax allowance as my wife no longer pays tax and they appear to have missed it off!! There should be the letter M after the code which is the married mans allowance. |