We've got 2,818 shorthands for tax code »
Acronyms that contain the term tax code
Page #6What does tax code mean? This page is about the various possible meanings of the acronym, abbreviation, shorthand or slang term: tax code.
Possible matching categories:
Filter by:
Sort by:PopularityAlphabeticallyCategory
Term | Definition | Rating |
---|---|---|
CCR | Condition Code Register | |
MC | Mail Code | |
ACELP | Algebraic Code Excited Linear Prediction | |
BIC | Bank Identification Code | |
SSCC | Serial Shipping Container Code | |
CSZ | City, State, and Zip code | |
AFSC | Air Force Specialty Code | |
CDM | Code Division Multiplexing | |
CSC | Card Security Code | |
ORC | Ohio Revised Code | |
NMAC | New Mexico Administrative Code | |
CFCC | Census Feature Class Code | |
ASC | Additional Sense Code | |
ACA | Arkansas Code Annotated | |
CP | Code Page | |
OPC | Originating Point Code | |
SCAC | Standard Carrier Alpha Code | |
DODAAC | Department Of Defense Activity Address Code | |
VITC | Vertical Interval Time Code | |
CH | Code Of Hammurabi | |
UIC | User Identification Code | |
COMPO | Component (Code) | |
DNIC | Data Network Identification Code | |
200 | Service access code | |
MCC | Merchant Category Code |
What does tax code mean?
- Tax code
- In the UK, every person paid under the PAYE scheme is allocated a tax code by HM Revenue and Customs. This is usually in the form of a number followed by a letter suffix, though other 'non-standard' codes are also used. This code describes to employers how much tax to deduct from an employee. The code is normally based on information provided to HMRC by the taxpayer or their employer. Tax codes are usually adjusted once a year to take into account any changes made in the National Budget, but can be altered more often to reflect an employee's circumstances. Tax codes can be changed if someone has paid too much or too little tax the previous tax year, if an employee receives state benefits, or has non-PAYE income. Changes in a tax code are to ensure the employee has paid the correct amount of tax by the end of each tax year. Tax codes are passed between periods of employment by a P45, which is generated when a person leaves a job. If a P45 is mislaid or not supplied at the end of a period of employment, a P46 can be filled out in order to determine which tax code is applicable to a person. Between submitting a P46 and receiving the correct tax code from HM Revenue and Customs, an employer can apply the emergency tax code on a week 1 basis. In this case, tax will be calculated as if the employee is working in the first week of the tax year, and all previous earnings are ignored. At the end of each tax year employers are required to send out a P60 which documents the total earnings and tax a person has paid within that tax year.
Still can't find the acronym definition you were looking for? Use our Power Search technology to look for more unique definitions from across the web!
Citation
Use the citation options below to add these abbreviations to your bibliography.
Style:MLAChicagoAPA
"tax code." Abbreviations.com. STANDS4 LLC, 2024. Web. 1 May 2024. <https://www.abbreviations.com/tax%20code>.
Discuss these tax code abbreviations with the community:
Report Comment
We're doing our best to make sure our content is useful, accurate and safe.
If by any chance you spot an inappropriate comment while navigating through our website please use this form to let us know, and we'll take care of it shortly.
Attachment
You need to be logged in to favorite.
Log In