Tax code 647L from Emergency Tax Code. What will change in my payslip?
You will pay a lot less than before. 647 means that you can earn £ 6,470 in one tax year (April 6th 2009 to April 5th 2010) without paying a penny in tax. Anything you earn above that amount you will pay approx 20% in income tax on. As for the Emergency tax that you have been paying for 3 months; you are due a large refund. Write to HMRC, explaining the situation, and they will either send you a cheque for what you’re owed, or, as happened to me once, they will refund all of the over-payments you’ve made straight onto your payslip. This can take about 5 weeks. (Contrary to widely-held belief, you do not have to wait until the end of the tax-year to do this.
