Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline
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think i'm on 522L? Or 500L?
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Probably the first one if you are a single adult with no dependants like me 
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Ben D
Member
Registered: 25th Apr 05
Location: South West
User status: Offline
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Whittie you should become a drug dealer..... 
Seem's we're Surrounded by druggies  click for "Customert List"
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johnhara1
Member
Registered: 19th Oct 06
Location: Newcastle upon Tyne
User status: Offline
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Used to go to country parks in an ice cream van on the weekends while i was in school and while i was an apprentice.
You'd be surprised what they can make on a hot day.
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burberrychick1987
Member
Registered: 24th Jan 08
Location: Hornchurch, Greater London
User status: Offline
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You will be taxed at a BR - Basic Rate for your second job so no matter how much u earn u will be taxed on it at 22%
As for your normal wage it isnt effected by this if you are on 522L which is normally the case for most ppl that means u have a tax free allowance of £5225
Tax is worked out monthly assuming ur wage stays the same then in the last month of the tax year ie March tax can be refunded if u have been over paying.
if your on 20k a year
20000
less ur allowance 5225
leaving you with 14775 being taxed
then the first 2230 is taxed at 10% then the rest taxed at 20%
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Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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This tax confusses me  My tax code is 522LM1. Can anyone explain this?
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Ian
BR code on second income is only basically the same as earning more money at your first job though isn't it?
ie. Job 1 - £20k
500L for round figures so you're taxed 22% on 15k.
Job 2 - £3k at BR you're taxed 22% on it all
So Job 1 + 2 = £23k in, taxed on £18k
Identical to Job 3 which is £23k, 500L so taxed on £18k anyway?
Probably looks worse on paper as a smaller percentage of your headline figure hits the bank, but the maths of it are no different to earning it in one, two or five jobs?
Assuming I understand it correctly?
Edit - I'm overlooking NI - educate me 
[Edited on 13-03-2008 by Ian]
11.1%
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Andrew
This tax confusses me My tax code is 522LM1. Can anyone explain this?
Means you get 5,220 tax free... L represents a 'single person' (historic and now N/A)... M1... means month 1, I forget exactly what that means now
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