tax on pension and employment

colin607

The tax man has used my personal allowance code for my pension and has given me a tax code BR for my job that I recently started.
My income from my pension is approx a third of that of my job;is this right?

fengirl_2

It depends on actually how much your pension is. If it is more than £6475 a year, then code BR is right for yur job. If it is less than this, you have unused personal allowances available to set against your pay and yu should ring yur tax office and point this out.

trevormax

HMRC normally (although not always) code your PA to your pension income as this will be paid a lot longer than an employment (hopefully ).

However you are entitled to set your PA against whatever income you want to so if you want to use it for your employment, just phone up HMRC and ask them to do so. However, if your pension can use all of your PA then its far simpler just to leave your PA where it is.

colin607

Thanks guys,my pension is less than my pa so I'll ring HMRC to transfer it to my job.:T

suso

wait until after the 1st july as they are transfering computer systems for the next two week and won't be able to do anything and will just ask you to call back.