Tax Documents
P45
When you leave an employer they will send you a P45; this is a running statement
of pay and tax deducted.It will show your PAYE code, your total earnings
so far in the tax year and how much tax you have paid since the start of the
tax year.It is extremely important that you are given a P45.If
you do not receive one, you may find that you have to pay more tax in your
next job/assignment until your correct PAYE code is confirmed.
P46
If you do not have a P45 you will need to sign a P46 before you start work.We
will send this to the tax office so that you do not pay emergency tax. If you
don't have a P45 and haven't signed a P46, please ask your Consultant to send
you a P46.
P60
This is sent you at the end of each tax year.It will show how much
you have earned throughout the tax year and how much tax you have paid.You
will only receive one of these each year, and it will be sent to you by whoever
your employer is at the end of the tax year.
Tax Codes
Basic Rate (BR)
You are put on this tax code when you have not handed in a P45 or a P46.If
you are on this code you will be taxed 22% of your salary.If you are
on Basic Rate, please either send in a P45 or ask your Consultant to send you
a P46.
503L Week 1
If you are on this tax code, when working out
your tax-free allowance the tax office will only look at the particular week
for which you are being paid.For example, if there was a week when you didn't
work the tax office will not take this into consideration. If you are on this
tax code you need to phone the Inland Revenue and ask for a ‘Notice of Coding'.
A copy will be sent out to you and the Inland Revenue and your tax code will
be amended. You will receive a tax rebate once the Inland Revenue have received
the forms.
503L/Cumulative
This will just show on your pay slip as 503L
and is the 'Single Person' tax code.You will get £5030 per year tax-free.On
this code the rate of tax is the same as above but when calculating your tax-free
allowance the tax office will look at your pay and tax year to date.They will
take into consideration any weeks that you didn't work and therefore didn't
receive any tax-free allowance.
National Insurance
Everyone is deducted National Insurance Contributions in the same way, even
if you have no NI number or only a temporary NI number.
On the first £91.00 of your earnings you are not deducted any National Insurance.For any earnings after £91.00 the deduction is 11%.
Please note that National Insurance is separate from income tax so P45's & P46's have no impact on how much National Insurance that you pay.
If you are currently working or have previously worked for Morgan Spencer and want help with any tax issues please contact the Tax Office:
Tax Office
Tyglas
Llanisher
Cardiff
CR14 5FX
Phone number: 0845 3003 949
PAYE Reference Number: 948-BZ00897
