New Tax Year

UK PROFESSIONAL DRIVERS FORUMS THE UK PROFESSIONAL DRIVERS FORUM (INTERACTIVE)
1

Hi
I am still in my rubish job driving sprinters and 7.5 Tonners ,
desperatly searching for C, C+E around Manchester

I was wondering if companies are holding out till April
(new tax year)
to recruit new staff,

Or

Is it still going to be as bad finding a new job ?

I,m of the opinion
new tax year might bring in new jobs

2

Might depend on what tax incentives the Govt give to firms in the Budget

3

dunno but i wish someone could explain tax codes to me, mine changes every year. lol

4

Cynic-al:
dunno but i wish someone could explain tax codes to me, mine changes every year. lol

The tax code refers to the amount you can earn before you start to pay tax on your earnings.

This is a 3 figure code with either a 5 or a zero missing off the end of if.

If the code is, for example, 520 then it will actually be 5205 or 5200 - in this example it is a zero.

So we now have a 5200 code which is £5,200 per year that we can earn before we start to pay tax - if we only earned £5,200 that tax year then we pay no tax at all.

If we earn £10,200 then we take off the code £5,200 which means we pay tax on the £5,000 bit that is left over

Tax is worked out on a yearly basis but we can work out how much, on average, we can earn each week without paying tax (only works if on a regular income) by dividing the code by 52.

Now you will see why I chose a tax code of 520 :wink:
£5,200 divided by 52 = £100 per week before paying tax or £200 per fortnight or £400 per 4 weeks or, and now it gets tricky as not all months are the same length, so I’ll do an average - £5,200 divide by 12 = £433.33p per month before paying tax.