HMRC want £1129

woolysheep

Hi I earned £26958 in year 2012/2013. I had deferred my state pension for 3 years and on my 63rd birthday I applied for the lump sum of £15486 of which I paid £3097 in tax. From late September I received £115 pw state pension, which would come to £2760 until end of March 13. Tax office have calculated £5200 in state pension and therefore an under payment of £1129 which I have to pay in 2014.
Can anyone help with this please. I was given a tax code of 334L., previously it was 818L

Davide123

They are saying you owe tax of 1129 on 5200 state pension, for 2012/13?

If you didn't receive that much pension in 12/13, then call and tell them?

zygurat789

woolysheep wrote: »

Hi I earned £26958 in year 2012/2013. I had deferred my state pension for 3 years and on my 63rd birthday I applied for the lump sum of £15486 of which I paid £3097 in tax. From late September I received £115 pw state pension, which would come to £2760 until end of March 13. Tax office have calculated £5200 in state pension and therefore an under payment of £1129 which I have to pay in 2014.
Can anyone help with this please. I was given a tax code of 334L., previously it was 818L

The underpayment of £1129 is tax on £5645 so there's more to this than just state pension and, I;'m afraid you haven't given us enough basic information. But...

Total income 26958+15486+2760 = £45204. Less allowances 8185
= £37019 taxable at 20% = £7403.80
You have already paid £3097 on the pension lump sum so £4306.80 still to pay.
Less, of course, what was deducted from your wages and is shown on your P60 which you didn't tell us.

Youy say your pension was £2760 but this is only for 24 weeks so you couldn't have started it in late September, late October maybe?

woolysheep

Hi my lump sum of £15486, of which I paid £3097 in tax. From late September/october I received £2760 state pension not £5200

zygurat789

Are you giving us the correct code numbers?
Was there a M1 or W1, Noncum or anything else after the 334L

woolysheep

HMRC have £26958 + 5220 + 15486 as income for 2012/2013. Tax paid £3097.20. I don't understand the figure £5220 if my lump sum was paid up to my 63rd birthday on 10/09/12 and £115 thereafter.

woolysheep

My full tax code is 0334L0

zygurat789

woolysheep wrote: »

HMRC have £26958 + 5220 + 15486 as income for 2012/2013. Tax paid £3097.20. I don't understand the figure £5220 if my lump sum was paid up to my 63rd birthday on 10/09/12 and £115 thereafter.

Neither do I but they appear to have used a figure £2460 too large but this would only give rise to additional tax of £492 so tjhere is more to this.
What is the tax on your P60 at 5 April 2013?

nomunnofun

zygurat789 wrote: »

Total income 26958+15486+2760 = £45204. Less allowances 8185
= £37019 taxable at 20% = £7403.80

34370 at 20% = 6874
2649@40% = 1059.60
Total = 7933.60 ??

woolysheep

My original tax code for 2012/2013 was 818L and then changed to 334L (334L0). My P60 shows a tax deducted of £3669.60

nomunnofun

woolysheep wrote: »

My original tax code for 2012/2013 was 818L and then changed to 334L (334L0). My P60 shows a tax deducted of £3669.60

That would be fairly close - tax due 7933.60 less paid on pension £3097 less paid on p60 £3669.60 =£1167. However, this would be correct if £5200 in state pension received - which you did not. This is the bone of contention which you have to sort with HMRC