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Taxed on income from last tax year (2023/2024)
traceyaj
Posts: 181 Forumite
in Cutting tax
My local government pension started on 9th March 2024. I had advised GMPF that I wished to claim this in good time and my completed forms were submitted on 25th February 2024. They missed the pay date of 29th March and advised me that I would receive my first payment for period 9th March to 30th April on 30th April .
I have seen viewed my upcoming payslip and note that I have paid tax on it . I believe that this is due to my first payment including income which really should have been paid in the last tax year. I really should not be paying any tax as my income is below my allowance except for this 30 April skewed payment.
Any advice appreciated.
I recently received a revised tax code letter for 2023/24 and notice of my code for 2024/2025.
I have seen viewed my upcoming payslip and note that I have paid tax on it . I believe that this is due to my first payment including income which really should have been paid in the last tax year. I really should not be paying any tax as my income is below my allowance except for this 30 April skewed payment.
Any advice appreciated.
I recently received a revised tax code letter for 2023/24 and notice of my code for 2024/2025.
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Comments
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What happens in a single pay period isn't the end of the matter.traceyaj said:My local government pension started on 9th March 2024. I had advised GMPF that I wished to claim this in good time and my completed forms were submitted on 25th February 2024. They missed the pay date of 29th March and advised me that I would receive my first payment for period 9th March to 30th April on 30th April .
I have seen viewed my upcoming payslip and note that I have paid tax on it . I believe that this is due to my first payment including income which really should have been paid in the last tax year. I really should not be paying any tax as my income is below my allowance except for this 30 April skewed payment.
Any advice appreciated.
I recently received a revised tax code letter for 2023/24 and notice of my code for 2024/2025.
How much do you expect this pension to be (the taxable part not any TFLS/PCLS) in 2024-25 with the extra bit for the first few weeks included?1 -
From 9 March 2024 to 31 March 2025. £8808. My tax code allocated to this is 861T. The rest of my tax code is allocated to Hargreaves Lansdown and the 10% transfer to husbands allowance.Dazed_and_C0nfused said:
What happens in a single pay period isn't the end of the matter.traceyaj said:My local government pension started on 9th March 2024. I had advised GMPF that I wished to claim this in good time and my completed forms were submitted on 25th February 2024. They missed the pay date of 29th March and advised me that I would receive my first payment for period 9th March to 30th April on 30th April .
I have seen viewed my upcoming payslip and note that I have paid tax on it . I believe that this is due to my first payment including income which really should have been paid in the last tax year. I really should not be paying any tax as my income is below my allowance except for this 30 April skewed payment.
Any advice appreciated.
I recently received a revised tax code letter for 2023/24 and notice of my code for 2024/2025.
How much do you expect this pension to be (the taxable part not any TFLS/PCLS) in 2024-25 with the extra bit for the first few weeks included?0
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