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What does the tax code 522L/1 mean?

What do mean by tax code 500L?. My new and recent tax code is 500L. but i think it had taken out more tax dedu?

  • what do mean by tax code 500L?. My new and recent tax code is 500L. but i think it had taken out more tax deduction than I expected. From my last payslip: Total payment= £335.50 Tax deductions made:- Tax=£94 and Ni number= £6.90 Making net payment= £234.60 it will grateful and thankfull if anyone help my problems before i call to my pay manager and tax office.

  • Answer:

    You should have received a "notice of coding". You start with a personal allowance of £7475, so £2475 has been deducted - company car? benefit? an underpayment? If you do not know why your code has changed phone or write to HMRC (number and address on the website) give you National Insurance Number, name, Dste of Birth and address and ask for a new "notice of coding" to be sent to you.

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Tax code 500L means that you can earn up to £5000 tax free per year. At this stage of the year if you are paid weekly (Week 14) your tax allowance will therefore be £1346.15 - meaning you should have paid over those 14 weeks 20% tax on anything over that. At this stage of the year if you are paid monthly (month 3) your tax allowance will therefore be £1250 - meaning you should have paid over those 14 weeks 20% tax on anything over that.

Dave - landlord unmasked

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