Tax Code
A code that tells your employer how much tax to deduct from your pay.
A tax code is a code you give to your employer that tells them how to calculate your PAYE deductions. Common codes include M (main job), M SL (main job with student loan), S (secondary job), and SB SL (secondary job, student loan, below $14,000). The correct tax code ensures you pay the right amount of tax throughout the year.