New Tax Code for 2013 What does it mean?

So what does the introduction of a new tax code mean? The basic Personal Allowance will be £9,440 and the basic rate limit will be £32,010

• The new threshold (starting point) for PAYE is £182 per week (£787 per month).
• The new emergency code is 944L.

So what does this mean to you? 2012/2013 the basic Personal Allowance was £8,105 so it means that you will be able to earn an additional £1335 per year (£25.67 per week) tax free. So anyone working in the UK and earning under £32,010 will see an increase in the amount you receive after tax.

You may or may not receive a PAYE coding notice, your employer should receive this change and it should be applied for your wages from 5th April 2013. 
 
If you have worked in the UK and have left the country before the end of this tax year then make sure that you claim back the tax which you've overpaid.

With an average tax refund of £1367 *2011/2012 average there are plenty of things you could do with that money. Perhaps your travelling? Imagine where you could go with the extra money, it could pay for an extra stopover on your trip, it could pay for you to visit another country or simply extend your trip.