Month 1 Emergency Tax
tenchy
Posts: 486 Forumite
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.
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Comments
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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.0 -
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.0 -
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?0 -
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.0
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1185L is the code for 2018/2019 for a personal allowance of £11,850.0
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