tax payment

bermary

Could someone please help me because I'm a bit thick on tax matters,I am 76 years old and my tax code is 312Y my income is £536.04 state pension and £560.24 company pension per month,how much per month should I be paying in tax,thanks

antonic

Personal Age Allowance £10,090.00

State Pension £536.04 x 13 (its paid 4 weekly ) = £6968.52

Occupational Pension £560.24 x 12 = £6722.88

Total income £13691.40

Tax Due £3601.40

£3601.40 x 20% = £720.28

LESS any tax paid on your Occupational Pension.

(Do you have any other sources of income as your allowance is £3120, yet according to the figures you have given it should be higher at 360 (£3601).

Also for which tax year are these figures for ?

bermary

Antonic,the figures given are for the year 2011 to 2012 no other income,they have my tax free allowance down as £3129 on notice I was sent.

ceeforcat

Antonic - think you have misread your own post.

3120 is correct (10090-6968)- 3601 is the taxable amount.

antonic

Yep ! Thanks ! - I sit corrected !:)

ceeforcat wrote: »

Antonic - think you have misread your own post.

3120 is correct (10090-6968)- 3601 is the taxable amount.

xylophone

Presumably your notice of coding says
Your personal allowance £10090
State pension/benefits 6968-
A tax free amount of 3122
So your code is correct at 312Y (Where Y means maximum Age Allowance)