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Finances / Finanzen » uk.finance » tax code 503L
tax code 503L [message #383679] Fr, 28 April 2006 21:32
Ollie Cook  
Hi,

My new tax code this year is 503L. I notice from
http://www.hmrc.gov.uk/employers/rates_and_limits.htm that 503L is the
'emergency' tax code this year.

I am concerned that I may not have the right tax code, and
consequently may not be paying the right amount of tax. Before I call
my tax office to check, I wondered if anyone in uk.finance may know
what's going on? I'm almost certain I've misunderstood something!

Any pointers will be gratefully received. Thanks.

Ollie
Re: tax code 503L [message #383701 ] Sa, 29 April 2006 09:47
Skyes  
"Ollie Cook" <news [at] olliecook.net> wrote in message
news:0oq45292t6mf5hgi58evullf8settkr8td [at] 4ax.com...
> Hi,
>
> My new tax code this year is 503L. I notice from
> http://www.hmrc.gov.uk/employers/rates_and_limits.htm that 503L is the
> 'emergency' tax code this year.
>

Don't worry. The emergency tax code is also the same tax code that most
salaried employees are on if they have straightforward tax affairs. If your
only income of any consequence is your salary, then everything is as it
should be.

But if you're in any doubt, just phone up your tax office. They're usually
reasonably helpful.

Adam
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