What is the amount written on my payslip by the tax code 1263L?

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If your payslip shows that your tax codes 1263l; then, the HMRC expects you to have what are termed as a tax-free income of 12,630 pounds in the year of tax. The “L” stands for the fact you are entitled to the standard Personal Allowance. This code is used to determine the amount of income tax that is to be deducted from your wages or pension. A wrong code may lead to an underpaying or an overpaying of tax and hence it is prudent that one checks on it regularly. Get in touch with HMRC if you consider your code needs to be modified as a result of the changes in your situation.

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