Tax Rebates & Refunds

General information on the various tax codes

June 24, 2011
Posted in Income Tax — Written by Chris

More often than not, tax codes confuse people due to their complexity. Tax codes determine the amount you pay as tax. Without an appropriate tax code, you would end up paying too much tax.

Who issues tax rebates?

Tax codes are issued by Her Majesty’s Revenue and Customs. HMRC is a tax department controlled by the government. HMRC informs each employer about the tax codes for an employee after which the employer can deduct this amount from their income. The amount paid by you as tax is calculated on the basis of the tax codes provided by HMRC.

If you looking for more information on tax codes, refer to the information mentioned below.

The different types of tax codes

474L, 348T, 575V and 474P are some of the commonly used tax codes used by HMRC to determine the amount owed to you as rebates. All tax codes have a different meaning when it comes to tax rebates. The numbers in the aforementioned tax codes denote the total income to be taxed whereas the letters indicate on how the income should be taxed.

More information on the numbers

The numbers used in the tax codes are used to denote the allowance of the individual. Calculating your tax rebate is easy if you have the tax code.

No Comments (Leave comment »)

No comments yet.

Comment RSS | TrackBack URL

Leave a comment