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STARTING WORK
Tax
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When you start work you need to understand tax.
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Ask your employer for a P46 form. Both you and your employer complete
this, and your employer then sends it to the tax office.
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Until this is done you will be given a temporary tax code - which means you might not benefit from the full personal allowance for the year.
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474L. Any overpaid tax during the time you had a temporary code, should be refunded through your pay.
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You can earn £4,745 in 2004/05 before paying tax - this is the amount of your personal allowance.
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You then pay 10% tax on the next £2,020 and 22% up to £31,400. After that the tax rate jumps to 40%.
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