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Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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PLEASE CAN U TELL ME WHAT IS THE TAX CODE OTW1/M1 USED FOR

Customer Question

PLEASE CAN U TELL ME WHAT IS THE TAX CODE OTW1/M1 USED FOR
Submitted: 5 years ago.
Category: UK Tax
Expert:  Tony Tax replied 5 years ago.
Hi.

Code 0TW1/M1 stands for No allowances Week 1 Month 1. What that means is that the income source to which the code is being applied will have tax deducted at 20%, 40% and 50% depending on the level of the income.

Let me know if you have any further queries.