How much to live on

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/82093672#Comment_82093672

That sounds amazing. I've never been on a cruise. Considering a Nile one in a couple of years.

Anyway, I did say I'd write about my EV running costs. And in the 3 months since going on an EV tariff it has averaged £9.05 per month. Annually this is £108.60.

But I get £5 a month for allowing my charger to be throttled back. So that's £60 a year less and EDF gave me £55 for switching to the EV tariff. So I've actually made £6.40!

Humboldt

https://forums.moneysavingexpert.com/discussion/comment/82093672#Comment_82093672

Bon voyage @louby40 I hope that you have a wonderful cruise.

Organgrinder

Oh the trials of dealing with HMRC.

I earned in total about £63k last year. Which technically sounds like the 40% tax bracket, but there were, in total pension contributions of £14k so taxable income of £49k. Subtract the tax allowance (plus professional subs) and we at looking at £36k. Comfortably inside the basic rate.

Or so you'd think. But currently HMRC insists I am liable for unpaid (estimated) higher rate tax of £268 as despite informing them of my actual pension contributions they are using a figure over £1,000 lower. Fair enough it will get sorted later in the year.

Anyway my exam marking has been rather good this year so far. Roughly £4.5k. So HMRC, despite knowing this is seasonal work have estimated my total earnings from marking to be approx £12k and have therefore applied a hefty K code to my teacher's pension to claw back another £400 in tax making £686 overall that I will overpay.

I've told them my total earnings will actually drop this year but nothing can be done yet as they can see August's gross salary is the same as July's.

Is it any wonder people are confused by our tax system!!

Humboldt

https://forums.moneysavingexpert.com/discussion/comment/82104124#Comment_82104124

I guess that it is a little less frustrating if you do not know how the calculations should work! Hopefully it will all resolve itself and you will not be out of pocket @Organgrinder.

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/82105663#Comment_82105663

If only!

Fortunately it's been updated today and is now looking ok......albeit I am hoping when the calculation is done for 2025/26 I will no longer owner them and I'll get a rebate for this year's overpayment.

Sadly though it's now looking unlikely that teachers' pensions will process my application in time for September which is incredibly frustrating given that I applied in March ( it got lost!).

The response is in my opinion astonishing ("we have a backlog"). Then expedite/prioritise. Reading on teachers' pensions forums there are hundreds of people in the same position. No wonder Capita have lost the contract!

jackieblack

https://forums.moneysavingexpert.com/discussion/comment/82026553#Comment_82026553

Sorry to hear that things at Teachers Pensions haven't improved since I posted at the start of June

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/82106032#Comment_82106032

I'm afraid it is a shambles. There are no known service level agreements in the public domain. However they claim that the aim is to process it within ten working days of having the information. Why then mine is taking this long is as anyone's guess.

Humboldt

https://forums.moneysavingexpert.com/discussion/comment/82106266#Comment_82106266

@Organgrinder Words fail me!

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/82107664#Comment_82107664

I'll be ok as I have some savings and my part time hours with my existing pensions cover my outgoings.

I feel for those who aren't in the same position.

On various online forums there are countless who are not getting their pensions on time. No wonder Capita lost the contract.

GunJack

HMRC…what can you say?? 😅

I'm just waiting for October-ish to see if they decide I should have paid any HR tax in 25/26. By my calculation I should have been around £4, yes, £4 under the HR threshold and it's all PAYE with the one employer, so should be ok. Once confirmed, we need to sort out Mrs.G-J giving me part of her allowance for this year as she's a non-earner. Last year it caused a bit of a mess when I slipped £100 over the HR threshold in 23/24, so they took the marriage allowance off me in October 25 and had to pay them a couple of hundred quid to avoid having this year's tax code altered. Once sorted should get a bit of a rebate…