Tax Code Guide
K475
Tax Code K475 Explained
What does this code mean?
K codes mean the total value of your tax-free allowances is less than your total deductions. Instead of receiving a personal allowance, extra tax is added to your income. K475 means £4,750 is added to your taxable income. This typically happens when company benefits (car, fuel, medical insurance) exceed your personal allowance.
Who gets this code?
Employees with high-value company benefits, multiple underpayments, or state pension recipients with other income. The company benefits exceed your tax-free allowance.
Is it correct?
Check your latest P45 or Payslip to see if this matches your current situation.