Am I Paying too much income tax?

chrisyboy

Hi Everyone

I am new to this website and wondered if anyone could point me in the right direction. Basically I am re-evaluating my life and I want to start planning/fixing my future. I am 31 years old and worked full time for the last 12 years however feel like I have nothing to show for it, I think I am going through an early mid life crissis. I have cut down all my expenses and still have about 3k of debt and I want to start saving up for a house deposit. I have a annual salary of £24,600 and need to start doing something now before its too late.

To start with I am wondering if I am paying too much tax. I have a company pension, private medical insurance and also a weekly fuel allowance and my tax code is 518L, this changed in April 2012 and I am now wondering if this is correct.

Does anyone know how I can go about finding this out?

Thanks for your time in reading this

CLAPTON

you need to know the value of the benefits

a code of 518L implies benefits of

8105- 5185 = £2,920 unless there is back tax being deducted from previous years

you should have received a notice of coding explaining the tax code

chrisyboy

I did receive a letter saying that I owed approx £280.00 in tax from previous year as my fuel allowance wasnt accounted for. My benefits are as per below:

£25.00 per week fuel
£43.01 per month employers contribution to my pension

and I have a Bupa membership paid for by my company

My total monthly wage is £2050.00 and below are the reductions:

Tax £323.60
NI £169.92
Pension £43.01

Does this appear to add up as I am not gemmed up with this sort of thing??

CLAPTON

employer contribution to your pension is not a taxable benefit but Bupa is



you should have received a P11d from your employer after year end that listed your taxable benefits
what did it say?

chrisyboy

I dont think I received this form, will have a look tonight and will revert in the morning!

Thanks for your help :-)