Have you ever wondered what your Tax Code means? Well now you can use a brand new HMRC tool to find out!
I think most of us can agree that at some point or another we’ve received a new Tax Code through the post and been completely baffled by what it meant! Cue the arrival of HMRC’s latest tool…
This has been designed to assist with understanding what a Tax Code means, and how it is made up.
The tool asks for various bits of information, so it would be useful to have a recent payslip and/or Tax Code notice to hand.
Some of the information the tool requires includes:
- The country that you live in
- The numbers in your Tax Code
- The letters in your Tax Code
- Your annual income
Using this information, the tool provides you with an amount of tax that you can expect to pay weekly/four weekly/monthly/annually. It also provides you with an explanation of what your code means.
If you’d like to give it a try, click here.
