Tax on state pension

RG2015

I have just noticed that they are reporting two different amounts for my SP, £8,757 and £8,589.

How your tax-free amount is calculated

Personal Allowance

The amount is£12,570

Additions

Marriage Allowance received from spouse/civil partner

£1,260

Update or removeUpdate or remove Marriage Allowance received from spouse/civil partner

Total additions

£1,260

Deductions

Estimated tax you owe this year We estimate you have underpaid £286.00 tax

£1,725

State Pension

£8,589

Total deductions

£10,314

Your total tax-free amount

The amount is£3,516

Dazed_and_C0nfused

RG2015 said:

Can I expect my State Pension to be correctly reported on my PTA online once the DWP have officially notified HMRC.

At the moment they are reporting it as an estimated amount.

Your income from other sources

StatePension

Your estimated taxable income is£8,757

Update or remove

Quite probably.  But maybe only if you have a new tax code calculation.

But isn't £8,757 an accurate figure?

https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye130067

RG2015

Dazed_and_C0nfused said:

RG2015 said:

Can I expect my State Pension to be correctly reported on my PTA online once the DWP have officially notified HMRC.

At the moment they are reporting it as an estimated amount.

Your income from other sources

StatePension

Your estimated taxable income is£8,757

Update or remove

Quite probably.  But maybe only if you have a new tax code calculation.

But isn't £8,757 an accurate figure?

https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye130067

Yes, but see my later post where the figure is £8,589.

Dazed_and_C0nfused

RG2015 said:

Dazed_and_C0nfused said:

RG2015 said:

Can I expect my State Pension to be correctly reported on my PTA online once the DWP have officially notified HMRC.

At the moment they are reporting it as an estimated amount.

Your income from other sources

StatePension

Your estimated taxable income is£8,757

Update or remove

Quite probably.  But maybe only if you have a new tax code calculation.

But isn't £8,757 an accurate figure?

https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye130067

Yes, but see my later post where the figure is £8,589.

That's a new one on me!

Maybe DWP have just reported the pension to HMRC and a revised code is going to be calculated?

But that's guesswork, only HMRC will know for certain.

RG2015

Dazed_and_C0nfused said:

RG2015 said:

Dazed_and_C0nfused said:

RG2015 said:

Can I expect my State Pension to be correctly reported on my PTA online once the DWP have officially notified HMRC.

At the moment they are reporting it as an estimated amount.

Your income from other sources

StatePension

Your estimated taxable income is£8,757

Update or remove

Quite probably.  But maybe only if you have a new tax code calculation.

But isn't £8,757 an accurate figure?

https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye130067

Yes, but see my later post where the figure is £8,589.

That's a new one on me!

Maybe DWP have just reported the pension to HMRC and a revised code is going to be calculated?

But that's guesswork, only HMRC will know for certain.

The difference is very close to 1 week's pension so may be some esoteric HMRC rounding/annual adjustment.

£8,757 - £8,589 = £168.

The current weekly amount is £168.52 

PS. As my good friend @polymaff recently said, it's all part of driving back brain decay. 

RG2015

I have a question about what I can see on my PTA regarding my state pension. Currently all I see is the figure I gave HMRC over the phone.
 
In particular, once the DWP report my state pension to HMRC, do the actual 4 weekly payments appear on my PTA online?

molerat

All your tax account will show is the annual amount, often 2 different ones in different places, but the deduction from tax code is usually 51 x new + 1 x old rate.

RG2015

molerat said:

All your tax account will show is the annual amount, often 2 different ones in different places, but the deduction from tax code is usually 51 x new + 1 x old rate.

Thanks.

I gave them my week 1 amount and my current weekly amount, and the annual amounts on my PTA are approximately 52 weeks and 51 weeks, in different places.

With regard to the DWP reporting my “actual” figures, I guess HMRC already have them from me. Therefore nothing more will change until the year has finished.