Definitions for tax code
tax code

WikidataRate this definition:0.0 / 0 votes

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. Bernie Sanders:

   We need a progressive tax system in this country that is based on the ability to pay, if we are serious about reforming the tax code and rebuilding the middle class, we have got to demand that the wealthiest Americans and largest corporations pay their fair share in taxes.

2. Elizabeth Warren:

   Congress didn't wake up one morning and say,' Let's punch enough holes in the tax code so that Amazon and Netflix can earn billions and pay nothing,'.

3. Ron Wyden:

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

4. Donald Trump:

   One of the important elements of this plan revises the current tax code to eliminate the disincentive for re-entry into the work force, women, who are disproportionately most likely to step out of the work force to provide unpaid care, often lack the ability to return to work because it can be hard to rationalize stepping back into the work force and incurring the enormous expense of child care when you are also making less than the primary earner in your home yet taxed at the highest household rate.

5. Nicholas Cafardi:

   The larger issue is that, irrespective of what the tax code says, churches should be sacred spaces, free of partisan politics.

References

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