Martin Lewis explains 1257L tax code as fan gets £2,585 refund – ‘millions are wrong!’ | Personal Finance | Finance
Someone with this tax code can earn £12,570 before being taxed.
If, for example, they earn £27,000 per year, it means their taxable income is £14,430.
The letters within a person’s tax code refer to their situation and how it impacts their Personal Allowance: how much they can earn before being taxed.
L is the most common letter as it applies to employees who are entitled to the standard tax-free Personal Allowance.
Mr Lewis continued: “People are always surprised at the scale of refunds they get.
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