Paying tax
Correct me if I'm wrong. Yesterday, we worked out I will be earning £1262 per month. (Hourly rate at £14,70) Does it mean I'll be paying tax from £5?? It is all hypothetical.
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I was trying to figure out where you got 1257 from, presumable your tax code? @Kim has explained it well. Only addition from me is complexity around taxable benefits or earning over £100k which reduces your tax free allowance.
@Kim thank you. That explains everything
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No, everyone gets £12570 tax free per year but if you are paid monthly then it is equally split allocated to £1047.50. If your gross pay is £1262, you will essentially pay tax on the £214.50 that your over the threshold. (Works out about £42 tax to pay)