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Author Topic: Tax allowances  (Read 386 times)
ronnie21


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« on: Friday, February 17, 2017, 09:51:47 »

Hi, I know we have some tax gurus on here, quick question:  what is the standard personal allowance that HMRC gives us?  Many thanks.
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Bewster


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« Reply #1 on: Friday, February 17, 2017, 09:52:52 »

Try here

https://www.gov.uk/income-tax-rates/current-rates-and-allowances
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Whits
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« Reply #2 on: Friday, February 17, 2017, 09:53:25 »

https://www.gov.uk/income-tax-rates/current-rates-and-allowances

11k according to this but I know nothing about tax Smiley
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« Reply #3 on: Friday, February 17, 2017, 09:56:06 »

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.
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ronnie21


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« Reply #4 on: Friday, February 17, 2017, 10:38:10 »

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!!
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jayohaitchenn
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« Reply #5 on: Friday, February 17, 2017, 11:23:35 »

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
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Ticker45


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« Reply #6 on: Friday, February 17, 2017, 11:54:02 »

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.
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