Quote Originally Posted by baboyako View Post
I think 503L is an emergency tax code, so you pay tax on what you earn that week. When you move onto a real code, you probably shift to a week behind (hence stuff about week 53).

http://www.revenue.ie/index.htm?/rev...ekonebasis.htm

I do quarterly NIC/Tax so am just guessing
Hi, Baboyako You're just right about 503L as an emergency code. That's a personal tax allowance used for tax year 2006-2007. That means your first £5035 free of tax which is deducted from your Gross Earnings. The rest of the amount is the one taxable. Thanks for the help...You all made me feel comfortable in the midst of brain draining exams