Tax code help needed

treasures

Can anyone help me please? I have my new tax code for 2016/17 and can not understand it. The code is 946N. I do give my husband part of my allowance as the new marriage allowance. I also get a very small pension from my previous employer. I do not work. I would have thought my code should be about 1000N. Can anyone explain? Thanks - Treasures

booksurr

the letter you received will explain how it was calculated, so what does it say?

treasures

Thank you for your quick reply. I have just looked through my paperwork and I have not yet had an official letter from the HM people. I got the tax code from my pension pay advice for the year. It shows my 2016 April code as 946N. I suppose I will have to wait and get the info and letter from the HM Revenue to find out more. Thanks

amersall

Mine is 954n because I transferred some to Hubby, I don't get a pension.

sheramber

If you are now liable to pay some tax on your pension as a result of transferring the allowance you may have an underpayment of tax forr 2015/16 from the date of your code being adjusted to the end of the tax year. That underpayment will be coded in for 2016/17 reducing your code number.

This happened to me as although I did not pay tax on my pension with the the full PA I am now due to pay some tax as a result of transferring the marriage allowance.

What I pay is less than the reduction in my husband's tax due so we still benefit.

treasures

Thanks all for your answers. My work pension is nothing like enough to pay tax on - it is about 5000 a year. I just like to have everything clarified so that I know what is going on. I am sure when I get notification from HM Revenue all will become clear.

Dazed_and_confused

If you were going to get a letter about your 16/17 code you would probably have got it by now, easiest way to check is probably go onto your personal tax account on gov.UK and look at how the 946N has been arrived at there.

treasures

Thank you everyone for all your help.

CLAPTON

treasures wrote: »

Thanks all for your answers. My work pension is nothing like enough to pay tax on - it is about 5000 a year. I just like to have everything clarified so that I know what is going on. I am sure when I get notification from HM Revenue all will become clear.

if your pension is only 5,000 then with a tax code of 954N you won't pay any tax anyway

treasures

Yes I do realise that but I like to know all the details of how it was worked out.