Will I be taxed at 40% in this situation....

lisyloo

And you dont always have to do a SA form for your tax, you can just call HMRC and teel them abt your pension contributions and they will either refund you, or lower your tax code

Doing it that way will mean you get the money more quickly rather than waiting until the end of the tax year.

I personally find it next to impossible to get the tax code correct, but I guess that depends on whether you arrangements are constant.

greenglide

I personally find it next to impossible to get the tax code correct, but I guess that depends on whether you arrangements are constant.

But ensuring that HMRC have the "best guess" tax code during the year and then filing an online self assessment is straightforward and easy. Even if, technically, you have no real need to submit a self assessment because HMRC will get it right eventually it ensures that it is right fairly quickly after the tax year end.

lisyloo

Yes you're right.
I've always taken the view that it'll all get sorted at the end of the year but recently got a "slap on the wrist" letter from HMRC because my tax code didn't include a benefit.

atush

jem16 wrote: »

Let's hope they don't lower the tax code as that would see more tax taken.

You knew what i meant lol.

They will Change you r tax code to take a LOWER amount.

jem16

atush wrote: »

You knew what i meant lol.

No I read it as you wrote it as I suspect most would.

They will Change you r tax code to take a LOWER amount.

So "increase your tax code" would have been correct rather than "lower your tax code".

atush

Obviously..............................................