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When will HMRC adjust my code to reflect my pension contribution?

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  • Grumpy_chap
    Grumpy_chap Posts: 18,320 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    BoGoF said:
    Yes "assuming" you repeat it - are you repeating it though?


    No.  I won't be.  I am starting to work part time to avoid the 60% tax trap.  I am not working for the government's benefit.
    That appears to be inconsistent with your other recent thread in which you said you were taking a retirement lump sum (redundancy) in April and then not working again:
    https://forums.moneysavingexpert.com/discussion/6512642/is-a-retirement-package-deemed-to-be-income-for-pension-purposes#latest
    Let's say for example I got paid net £60K payoff end of April, that makes me a higher rate tax payer which I paid tax on.  I will not earn any more money from employment ever again.  


    Plus the thread about your wife's side hustle and understanding the Trading Allowance.

    Given your income level and queries about taxation, pension contributions and the like, I really think you would benefit from the services of a professional (paid for) Accountant.  It is quite likely that a proper review will save you as much (or more) in tax than it costs; even if it does not you will have peace-of-mind which I consider is priceless.

    The risk with separate threads in a public forum, with each thread only considering part of the picture, is that advice if given in good faith and in isolation but the aggregate is either incorrect or not optimised.
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