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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15979
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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, I've just received my new tax code today, which is 171L,

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Hi, I've just received my new tax code today, which is 171L, last year it was 179P is this for better or worse.
Hi.

A 171L tax code means you have net personal allowances (tax free income for the current tax year) of £1,710 to £1,719. The L means you are entitled to the basic personal tax allowance.

A 179P code means you had net personal allowances (tax free income for the 2014/15 tax year) of £1,790 to £1,799. The P means you are pensioner aged 65 to 74 and eligible for the full personal allowance for your age.

If ylou are a 20% taxpayer, you will pay £16 more tax in 2015/16 than you did in 2014/15 (£1790 - £1710 x 20%).

Take a look at section 2 here for the 2015/16 personal allowances. There is information on tax codes here.

I hope this helps but let me know if you have any further questions.
TonyTax and 2 other Tax Specialists are ready to help you
Customer: replied 3 years ago.

Hi, It states in the coding notice that if your total income is less than £27820 that I was to let you know, my total income with state pension and private pensions is £12893 how do I stand.

Can you tell me what is in the tax code in terms of allowances and deductions please.
Customer: replied 3 years ago.

don't understand the question

As your income is less then £27,820, there is no reduction in your basic personal allowance of £10,600.
Customer: replied 3 years ago.

Thank you for your help

Thanks.
Customer: replied 3 years ago.

Hi, I didn't realise it was a membership plan,it isn't what I wanted, I would like to close the plan. Thank you.

OK.

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