Understanding the world of Tax Codes with Mrs Mummypenny

The World of Tax Codes

I love how Mrs Mummypenny takes twists and turns in the work that I am approached to do. I was recently delighted to be asked to become the blogger in residence for My Tax Code. So what does blogger in residence mean? To me it means that I write blog posts appearing both on My Tax Code and my site discussing all things personal finance. So expect a post every month discussing a few taxing matters. I am also to be the face of the brand, so keep an eye for me popping up on the site – maybe in cartoon form!

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Do you know what yours means?

A tax code explains how much of your salary should be tax free. Mine when employed was 966L. This meant that the first £9660 of my salary was tax free and it was adjusted up by things that the inland revenue agreed were allowable expenses like subscriptions, or down by benefits I received from my company like Private Health Care.

My Tax Code is a company to help you out with your tax code. Most of us in the UK are employed by others, both public and private sector. I know many people struggle to understand their taxes and very few knows what it means. Do you ever check it and calculate your correct tax payment every year to ensure you have paid the right amount?

15-9-16-world-of-tax-codes-hmrcI have always checked mine and I was employed for 16 years. Now this is most likely because 1) I have always been obsessed with saving money and checking the Inland Revenues work and 2) one of my first ever jobs in 1997 at university was for a small accountancy firm. I used to do peoples’ tax returns and basic sole trader accounts. This taught me all about the world of tax codes, allowable and dis-allowable expenses, rental income, etc. When I left university I got a job with HSBC in the city and trained to become an accountant, so by the time I was 24 I was a qualified management CIMA accountant.

My qualification and interest in personal finance is what has got me to today. I simply love sharing my knowledge and expertise with you readers on my website, and this is what got me noticed by My Tax Code. They like my story of being a personal finance expert along with being a qualified accountant. And that I have this canny ability to write about boring finance subjects in a fun and engaging way.

How can My Tax Code Help you?

My Tax Code will help you to understand your tax codes and will investigate any allowable expenses to help reduce your tax bill. For example, when I was employed I was always able to include my CIMA subscription fee of £250 per year as an allowable expense so I was able to save some tax.

There are many jobs where you can include uniform cost as an allowable expense and thus reduce your tax bill. My Tax Code will investigate this, correct your tax code and will arrange for this refund for you. They will take a small fee from any refund they generate for you. How will you spend this refund from the Inland Revenue?

Your tax code investigations and refunds will be arranged by the friendly team based in Manchester. Full of qualified accountants like me who know the ins and out of complicated tax rules. As the advertising slogan goes, tax need not be taxing, but it is to many people. My Tax Code will help you sort out your tax code problems and will get you any refunds you are due.

This is a collaborative post between Mrs Mummypenny and My Tax Code. #MrsMummypennyMyTaxCode

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Lynn Beattie

Aka Mrs MummyPenny

Personal Finance Expert

I write about personal finance made simple, lifestyle choices that will save you time and money, as well as products and services that offer great value.

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