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How to calculate and pay tax on pension withdrawal
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No option to just stump up the grand ( which is the amount I expected ) ?molerat said:If you are already a 40% tax payer then tax of £4000 was due on that payment. You had £2952 deducted so owe another £1048. There is not much you can do about it now. HMRC will reconcile 23-24 later in the year and adjust your tax code to recoup any underpaid tax. Look on it a an interest free loan.0 -
They only usually issue a simple assessment, otherwise known as a bill, if there is no other way of collecting it or it is over £3K. Otherwise it is usually carried forward to the following tax year. https://www.gov.uk/tax-overpayments-and-underpayments/if-you-owe-tax
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