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Incorrect tax code allocated
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Did you give your P45 to the pension payer ?If not and both employer and pension paid you in the same month using your tax allowance then you will owe tax on around £1048. If that is at 40% then you owe £419. To collect £419 at 20% tax your allowance has to be reduced by £2095. £12570 - £2095 = £10475 so a code of 1047 would be used.It should be quite straightforward to work out how much tax is due on your total income for the year and how much tax will be collected by the end of the year using the code currently in place. It is often best ignoring how much tax your tax account shows you will pay.0
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