Is The Tax Man Taking Too Much

payday200

HELLO GUYS AND GIRLS CAN ANYONE ADVISE , a little confused to say the least, i had to take early retirement due to unforseen circumstances and now receive a pension of £12,526 per year minus £1337 tax, this is my only source of income , should i be paying tax and at what rate, i have looked at tax calculater and this is showing 0 tax . I am married and my tax code is 522L. I have to pay full monty for everything and cant claim anything as they tell me my pension is means tested , after paying into the system for 37 years i think iv got a bad deal . IS THERE ANYTHING OUT THERE FOR ME.

MANY THANKS

























































3

Plum_Pie

I think you'll get more anwers on the Benefits and Taxes board:
http://forums.moneysavingexpert.com/forumdisplay.html?f=23

Glad

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere (please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL]

CLAPTON

yes your tax is correct for 2007-8

for this year you are allowed 5435 tax free and the rest at 20% tax but you don't pay any NI contributions

Mikeyorks

payday200 wrote: »

a pension of £12,526 per year minus £1337 tax, . I am married and my tax code is 522L.

The tax is correct for 2007-08 and based on the Code number you quote.

There's a calculator here which you can use for 2008-09. But it's strange how your other posts indicate you do know how much is due!

http://listentotaxman.com/