Month 1 Emergency Tax

tenchy
tenchy Posts: 486 Forumite
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in Cutting tax
Apologies in advance for this basic tax question: My first pension payment will be made using emergency tax code 1185L Month 1. Given that I won't have any factors increasing or reducing my tax code during the next tax year, I assume this first pension payment will be the same as subsequent months? Finishing work at the end of last year, I've applied for a tax refund via P50.

Comments

  • Dazed_and_confused
    Dazed_and_confused Posts: 6,458 Forumite
    Uniform Washer
    If you have no other income (or any other reason for your tax code to change) then yes it is highly likely subsequent months tax will remain the same (or within a few pence).

    Things would change if your pension income exceeds £100k in a single tax year.
  • tenchy
    tenchy Posts: 486 Forumite
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    Dazed_and_confused wrote: »
    If you have no other income (or any other reason for your tax code to change) then yes it is highly likely subsequent months tax will remain the same (or within a few pence).

    Things would change if your pension income exceeds £100k in a single tax year.


    Thanks for the clarification. And no, unfortunately my pension income won't exceed £100k in the year. :(
  • sheramber
    sheramber Posts: 19,013 Forumite
    First Anniversary I've been Money Tipped! First Post Name Dropper
    tenchy wrote: »
    Apologies in advance for this basic tax question: My first pension payment will be made using emergency tax code 1185L Month 1. Given that I won't have any factors increasing or reducing my tax code during the next tax year, I assume this first pension payment will be the same as subsequent months? Finishing work at the end of last year, I've applied for a tax refund via P50.

    Are you in receipt of State Pension or will you receive it before 5 April 2019?
  • tenchy
    tenchy Posts: 486 Forumite
    First Post First Anniversary
    sheramber wrote: »
    Are you in receipt of State Pension or will you receive it before 5 April 2019?


    No. Several years yet before I'll be getting it.
  • badmemory
    badmemory Posts: 7,718 Forumite
    First Anniversary Name Dropper First Post
    We are very near the end of a tax year so how accurate that M1 code will turn out to be depends very much on when it is going to be used.
  • RG2015
    RG2015 Posts: 5,897 Forumite
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    edited 23 March 2018 at 8:48AM
    1185L is the code for 2018/2019 for a personal allowance of £11,850.
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