Definitions for tax code
tax code

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1. Tax code

   In the UK, every person paid under the PAYE scheme is allocated a tax code by HM Revenue and Customs. This is usually in the form of a number followed by a letter suffix, though other 'non-standard' codes are also used. This code describes to employers how much tax to deduct from an employee. The code is normally based on information provided to HMRC by the taxpayer or their employer. Tax codes are usually adjusted once a year to take into account any changes made in the National Budget, but can be altered more often to reflect an employee's circumstances. Tax codes can be changed if someone has paid too much or too little tax the previous tax year, if an employee receives state benefits, or has non-PAYE income. Changes in a tax code are to ensure the employee has paid the correct amount of tax by the end of each tax year. Tax codes are passed between periods of employment by a P45, which is generated when a person leaves a job. If a P45 is mislaid or not supplied at the end of a period of employment, a P46 can be filled out in order to determine which tax code is applicable to a person. Between submitting a P46 and receiving the correct tax code from HM Revenue and Customs, an employer can apply the emergency tax code on a week 1 basis. In this case, tax will be calculated as if the employee is working in the first week of the tax year, and all previous earnings are ignored. At the end of each tax year employers are required to send out a P60 which documents the total earnings and tax a person has paid within that tax year.

Editors ContributionRate this definition:0.0 / 0 votes

1. tax code

   A form of simple and concise code created for a tax system.

   A tax code is important to ensure the accurate and effective collection of tax.

   
   

   Submitted by MaryC on January 19, 2021  

How to pronounce tax code?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say tax code in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of tax code in Chaldean Numerology is: 2

2. Pythagorean Numerology

   The numerical value of tax code in Pythagorean Numerology is: 9

Examples of tax code in a Sentence

1. Ron Wyden:

   Our broken tax code is working for Big Oil, not American families.

2. Ben Carson:

   While I applaud Donald's plan as a step in the right direction. We must go further. We must get the IRS out of our lives, eliminating the tax code and a mountain of regulations will cause our economy to explode with growth. The IRS isn't the answer, it is the problem.

3. Jack Ciattarelli:

   This will be one of the most dynamic and compelling places to do business. As an M.B. A., C.P.A., and a two-time business owner, I know exactly what we need to do to our tax code to make New Jersey a better place to do business so we can create more jobs. I want people to believe they can achieve their American dream here in New Jersey again.

4. Garrett Watson:

   Moving away from taxing income and toward taxing consumption is a step in the right direction for a pro-growth and simpler tax code.

5. John McCain:

   At the top of that list is cutting taxes for middle class families and fixing our broken tax code.

References

1. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=tax code