State and private pension

DRS1

https://forums.moneysavingexpert.com/discussion/comment/82056188#Comment_82056188

I don't know what £965 per 4 weeks works out as on a tax year basis but I suspect HMRC think you have some other income as well.

Your tax code is either K229 or K177 depending on the date of your posts. You should have something from HMRC explaining how they worked out that tax code. I get mine in the post but lots of people only have them in their personal tax account online. You should check your online account and see what it says.

The most likely thing is you have some untaxed bank interest. Sometimes you find they are using out of date figures for that.

sheramber

https://forums.moneysavingexpert.com/discussion/comment/82056260#Comment_82056260

965/4 x52=12,545

DRS1

https://forums.moneysavingexpert.com/discussion/comment/82056297#Comment_82056297

Thanks but there is the 1 week at the old rate and 51 weeks at the new rate thing with the state pension isn't there? And I wasn't sure if sometimes you are meant to do 53 weeks.

On the basis of 12570 personal allowance and 12545 state pension the OP should not have a K code.

sheramber

https://forums.moneysavingexpert.com/discussion/comment/82056420#Comment_82056420

possible underpayment from last year as pension started in June.

or savings/ investment income.

MACKEM99

Or 13 x £965 = £12,545. 😃

SiliconChip

https://forums.moneysavingexpert.com/discussion/comment/82056504#Comment_82056504

"or savings/ investment income. "

It could easily be this, I have a K code on one of my private pensions because of savings interest in excess of the allowances (and BR on my other pension). But unless the OP is significantly more forthcoming in the detail of their income (from all sources) it'll never really be possible to answer the question.

Thecar

Now changed my private pension to

3L now

Thecar

26 apr to 26jun

Gross earnings £9715.48 tax £2584.53

Tax code on this 9l

£7841.76 was amount left from a redundancy amount tax paid on thia £2211.73 seems a lot to me any help much appreciated

chrisbur

https://forums.moneysavingexpert.com/discussion/comment/82074812#Comment_82074812

In order to check if this is correct need following details..

Taxable pay to date

Tax paid to date

Month/week number or date of payment and pay interval

You have probably gone into a higher tax band, some of which may come back to you depending on youe earnings going forward this tax year. Have you any idea of likely earnings.

Thecar

Private pension is £9800 gross per yr

State pension is £12545 net pay not sure what tax i pay on this as I get £965 every 4 weeks i have no other income