Tax Code

[Unsureme]

My Tax Code for 2008/9 has changed from 291P to 350P. Is this good or bad? Thanks for any replies.

[Gizmonster]

From what I am aware of tax codes, you add a zero onto the end of your tax code and that's your tax-free allowance (the amount you can earn before you start paying tax) for the next tax year.
So your tax allowance has just risen from �2910 to �3500, so I'd say that's good :o)

I think that I'm correct, but don't quote me though !!

[Unsureme]

Thanks,Gizmonster,hope you are right.

[Skyline D]

Roughly speaking you can add a 5 to the numbers in your code and that's your tax free allowances.

Yes it's good. You can earn �590 more before paying any tax.

[sir.prize]

That is obviously a pensioner tax code and it means good news. The higher your tax code the less tax you pay.

[Unsureme]

Thank you all for your replies,a bit of good news for once.

[Poison-Ivy]

Correct sirprize unless you happen to have a "k" code. then the higher to number the more worse off you are!

[Unsureme]

It's definitely a P Number.