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Mick
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Cash Points ££ 15.00
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 Posted: Mon Jan 24, 2005 9:02 pm Post subject: What's code BR mean ? |
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My codes been changed to BR ! what does it mean, I have a full time job and told the tax man about some part-time work I do on the side, is this why my codes changed ?
Any help apreciated. |
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Deborah
Veteran Investor
Joined: 12 Jul 2004
Posts: 418
Cash Points ££ 1730.36
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| Posted: Tue Jan 25, 2005 12:07 am Post subject: |
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BR stands for Basic Rate tax code which is starting at 22%.
So its without any tax allowance or the 10% starting tax band so you jump in straight at 22%
BR codes tend to be used for people in a second job, who have their full tax allowance used at their main job or if there is a problem or query with their tax affairs.
Don't worry, if you overpay you will get a tax refund at the end of the year. |
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Guest
Cash Points ££ 15.00
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| Posted: Sat Jun 03, 2006 12:17 am Post subject: |
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| Also something thats missing is that the basic rate is charged on ALL of your income, even if it is above the normal 40% allowance limit ! |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Sat Jun 03, 2006 2:05 pm Post subject: |
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| Anonymous wrote: | | Also something thats missing is that the basic rate is charged on ALL of your income, even if it is above the normal 40% allowance limit ! |
Thats correct, its supposed to be a temporary code otherwise does not make much sense some on on £100k only paying 22% |
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nives316
Stranger
Joined: 18 Jul 2006
Posts: 3
Cash Points ££ 70.22
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| Posted: Fri Aug 11, 2006 3:58 pm Post subject: |
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| I was on that code and I had fill in a P46 and sent it off to the inland Rev ... they then put the ifference on a wage after it was sorted. Alough im still having a nightmare getting tax back from last year. Its very frustrating! |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Fri Aug 11, 2006 4:40 pm Post subject: |
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| nives316 wrote: | | I was on that code and I had fill in a P46 and sent it off to the inland Rev ... they then put the ifference on a wage after it was sorted. Alough im still having a nightmare getting tax back from last year. Its very frustrating! |
Have you recieved a self assessment tax return ?
Usually once thats completed and sent off you would get your tax refund within a couple of weeks as thats the normal mechanism for sorting out tax / refunds due |
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