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rennie
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Cash Points ££ 15.00
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 Posted: Fri Sep 23, 2005 2:13 pm Post subject: tax code D0 |
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| i want to no the meaning of the tax code D0 |
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Neo
Saving Enthusiast
Joined: 24 Oct 2004
Posts: 147
Cash Points ££ 595.04
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| Posted: Sun Sep 25, 2005 8:55 pm Post subject: Re: tax code D0 |
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| rennie wrote: | | i want to no the meaning of the tax code D0 |
Thats one of the penalty codes what it means is that ALL income has tax deducted at 40% the top rate !
So every £ earned is taxed at 40% |
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cardjunkie
Professional Investor
Joined: 24 Jul 2004
Posts: 311
Cash Points ££ 2248.20
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| Posted: Sun Oct 23, 2005 4:57 am Post subject: Re: tax code D0 |
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| Deemy wrote: | | rennie wrote: | | i want to no the meaning of the tax code D0 |
Thats one of the penalty codes what it means is that ALL income has tax deducted at 40% the top rate !
So every £ earned is taxed at 40% |
Wow 40% tax from the 1st penny - OUCH ! that must be painful  |
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cardking
Stranger
Joined: 11 Dec 2005
Posts: 9
Cash Points ££ 15.00
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| Posted: Sun Dec 11, 2005 5:53 pm Post subject: Re: tax code D0 |
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| cardjunkie wrote: | | Wow 40% tax from the 1st penny - OUCH ! that must be painful |
This happens when you have two or more sources of PAYE income. Your allowances, lower rate and basic rate band will be allowed at your main employment and if you're liable at the higher rate, then all your other employment will have the D0 code. It saves you having a big underpayment at the end of the year and having to pay it all back in one lump sum. |
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