New job started, what does my tax code mean?

Question

My tax code is K26 M1. What does this mean please?

Cheers

Answer 1

It means you have benefits included and your allowances are less than the benefits by £260. You will also be taxed on a Month 1 basis, which means that each month is treated like May (the first month of the tax year).

http://www.direct.gov.uk/en/MoneyTaxAndB...