Understand your tax code

It's around this time of year that you start to receive numerous documents relating to tax; P60s showing how much you've earned, income statements showing interest and dividends on investments, and not forgetting the most mystical of all, the tax codes. Tax codes are intended to notify firms who operate a Pay As You Earn (PAYE) system, such as employers and pension providers, the correct amount of tax to be deducted from individuals through the payroll system. Royal London have produced a simple guide which explains the basics of tax and how tax codes work, including a few examples. You can download the guide at the following link: Download Tax Code Guide Comment Although the tax code system

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