Am I paying too much tax

Tayloriw1

Hi I'm sure I'm paying too much tax, I get a pension of £9255.00 per year and a salary of £16271 per year, I pay 20% on the pension! and they say I have my tax allowance on my wage is this the best option ?

CLAPTON

Tayloriw1 wrote: »

Hi I'm sure I'm paying too much tax, I get a pension of £9255.00 per year and a salary of £16271 per year, I pay 20% on the pension! and they say I have my tax allowance on my wage is this the best option ?

presumably your work tax code is 100L (10,000 tax free then 20% on the rest) and your pension tax code is BR (i.e. 20% on the full amount)


this would be correct

Tayloriw1

Ok thanks, wasn't sure my pension is a br code

TadleyBaggie

CLAPTON wrote: »

presumably your work tax code is 100L

Should be 1000L.

thorsoak

I'm another pensioner, working 21 hours per week at NMW - and my personal allowances are allowed against my wages - so I pay £60 per 4 weeks paye. I too pay 20% on the whole of my private pension.

thorsoak

Yes, I receive srp of £614 per 4 weeks - private pension is £1760 pa - so I know its about right. I find it surprising to find that although I'm taxed on state retirement benefit, colleagues who get more than me - in wtc and ctc/housing benefits - do not have to pay tax. Don't get me wrong - I do not begrudge them their benefits - heavens knows how they'd manage with families etc - but it's just not a level playing field.