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FAQ - Frequently Asked Tax Questions - Emergency tax


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16. What are Tax Codes and Emergency Tax?

Tax codes are shown on payslips, P45's and P60's. Your tax code relates to the tax free allowance that has been allocated to you. For the 08/09 tax year the tax code is 603L which means you have a tax free allowance of £6,035.  If your tax code includes "X", "M1" or "W1", this means your tax is calculated on your monthly or weekly earnings as opposed to an annual salary basis. And should your tax code include "BR", this means that no tax free allowance has been allocated to you and the basic rate tax is being charged.

Emergency tax is charged if your employer is not sure how much you should be taxed.



 


 
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