Your tax code is a set of letters and numbers that tells your employer or pension provider how much tax-free income you’re entitled to each tax year. HMRC calculates your tax code based on the information they have about you which is gleaned from your employer, your tax returns and your pension provider if appropriate. The tax code system is intended to ensure everyone pays the right amount of income tax through PAYE and affects how much tax you pay throughout the tax year.
What is your tax code and what does it mean?
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