What does the tax code 0T CUMUL mean please??

Question

Please help I'm very worried I am being charged too much or too little and cannot for the life of me work out what my tax code means!!!

Answer 1

Steve is correct. But is this your only job? If so, your code is wrong - it should be 543L cuml. You need to contact your tax office to get you on the right code.

Answer 2

Bud is a bit out of date. Code OT now means 20% is deducted.

Last year it would have meant that you got all the lower rate band (10%) at that source of income, but since that rate is abolished codes 0T and BR have the same effect, a straight 20% deduction.

If this is not a second source of income, you need to contact tax office to get correct code number sorted out.

Answer 3

1 of my employees is on OT code, she has a pension paid to her every month so she has to pay 10% tax on all her wage.

Answer 4

The UK tax code OT means that you have no personal allowances to set against your income and as a consequence all of your income is subject to tax at basic and higher rates of tax.

The addition of CUMUL means that this code is applied to your income cumulatively.