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State pension - payslips?

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Comments

  • Dazed_and_C0nfused
    Dazed_and_C0nfused Posts: 18,934 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    molerat said:
    The SP will be mentioned in 2 places on your tax account, they will likely be different amounts.
    One is under your income sources and the other is under "what makes up your tax free amount"
    Have any of your tax codes changed to suffix X or M1 ?
    And as has been mentioned elsewhere they will invariably get it wrong first year and will make a correction in next years coding.
    But nothing the op has posted suggests that there is anything wrong.

    Unless you aren't liable to tax the full annual amount of State Pension is included in the tax code the first year State Pension is received but the tax code is operated on a non cumulative basis, not cumulatively.

    So if the op has £185/week for say 45 weeks that actual State Pension of £8,325

    The tax code would likely include c£9,620 but only be used for 45/52 of the tax year.

    £9,620 x 45/52 = £8,325
  • t0rt0ise
    t0rt0ise Posts: 4,606 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Just keep a spreadsheet like I do. I get it to work out how much tax I should pay in the year and how much actually paid. I worked out they owe me 30 quid for last tax year. Am waiting for them to work it out now.
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