Have I paid too much tax?

Lliam1234

Hi,

Sorry if i have posted this in the wrong place.

I have just used various on-line tax calculators and according to them i have paid too much tax. My numbers are as follows

£71910.30 total pay.
£18646.40 Tax to date
£4774.20 NI to date

I pay 5% each month to my pension and when i put this into the calculator, it says i should have paid approx £17200 tax. Am I doing something wrong, or miscalculating? £1400 is better in my pocket if this is correct.

jamesd

How are you putting the money into the pension?

Lliam1234

It is just taken off my salary

xylophone

http://www.hmrc.gov.uk/incometax/relief-pension.htm
Is your pension contribution shown on your pay slip?
Do you have any taxable benefits?
What is your current tax code and what calculation is shown on your P2?
http://www.thesalarycalculator.co.uk/salary.php

Lliam1234

My pension contribution is shown on my payslip, ie how much I am paying this month, however in the column on my slip thats says pension to date, that says 0.
I dont have any taxable benefits.
My tax code as shown on my payslip is 810L.
Im not sure what my p2 is???

chrisbur

You need to speak to your payroll dept. to find out what type of pension you are in, or they can tell you how to contact the people who run the pension for this information if they do not know. I think that most likely you are in a pension where the pension provider claims the tax deducted from HMRC and this is then added to your pension, though I believe that only basic rate pension is added and you would then need to claim back the extra as you are a 40% tax payer.

CLAPTON

it would seem that

your totals to date for the full year i.e. from March pay

if so then they are consistent with your pension being paid from post tax income

so you need to reclaim your extra tax from HMRC

assuming you pay net pension contribution of 4,314 for the total year then you can reclaim 1,078 from HMRC

xylophone

My pension contribution is shown on my payslip, ie how much I am paying this month, however in the column on my slip thats says pension to date, that says 0.
I dont have any taxable benefits.
My tax code as shown on my payslip is 810L.
Im not sure what my p2 is???

A P2 is a statement of coding.

Did you look at the HMRC link above?
" However, some employers use the same method of paying pension contributions that personal pension scheme payers use - read more in the section on 'Personal pensions'.
Personal pensions
You pay Income Tax on your earnings before any pension contribution, but the pension provider claims tax back from the government at the basic rate of 20 per cent. In practice, this means that for every £80 you pay into your pension, you end up with £100 in your pension pot. If you pay tax at higher rate, you can claim the difference through your tax return or by telephoning or writing to HMRC. If you're an additional rate taxpayer you'll have to claim the difference through your tax return.

Is this your first year in this employment?

Davide123

What is your taxable pay, pension contributions can either come out net or gross pay which will affect your taxable pay

P2 is coding notice which shows how your tax is calculated