New Income Tax Checker

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Comments

  • mrkbrrws
    mrkbrrws Posts: 337 Forumite
    Sasdad wrote: »
    Although it calculates the basic tax and personal allowance, it does not take in to account your government pension which is deducted from your re calculated personal allowance after Income limit for age-related allowances has been taken into consideration.
    It will if either you enter your actual tax code or you add the State Pension to your gross income.
    I am an Accountant. You should note that this site doesn't check my status as an Accountant.
    All posts on here are for information and discussion purposes only and should not be seen as professional advice.
  • Chuffy
    Chuffy Posts: 1,254 Forumite
    Doesn't work if you contribute into a superannuation scheme deducted pre-tax.
    Worked my net pay out £55 short per month.
  • Mikeyorks
    Mikeyorks Posts: 10,369 Forumite
    First Anniversary Combo Breaker
    Leverpark wrote: »
    I have a private pension of 7300 per annum, do I need to include my state pension in the total?
    Is that not tax free?

    The State Pension is taxable. It's paid gross, but the tax attributable to it should be recovered from your private pension via restriction of your Personal Allowance.

    If you're on the point of receiving the State Pension you should have had a P161 from HMRC ..... and they will use the data from that to adjust your Code number.

    So - as to the Calculator - you put in your total gross (PP + SP) ..... but you'll get drivel out of it if you don't have the correct Code number yet! ;)
    If you want to test the depth of the water .........don't use both feet !
  • Paul_Herring
    Paul_Herring Posts: 7,481 Forumite
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    Sasdad wrote: »
    Although it calculates the basic tax and personal allowance, it does not take in to account your government pension which is deducted from your re calculated personal allowance after Income limit for age-related allowances has been taken into consideration.

    So, if your government pension is more than your personal allowance, you will end up with a negative personal allowance.

    Run that by me one more time... how on earth can your state pension be more than your personal allowance?

    (And 'negative personal allowances' are taken into account on this calculator - that's what the K tax codes are for.)
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • mrkbrrws
    mrkbrrws Posts: 337 Forumite
    Why can't State Pension be more than your personal allowance?

    State Pension can be over £200 a week with various earnings related elements etc. and if your income is high enough the personal allowance is the same as someone under 65 (£6,475).
    I am an Accountant. You should note that this site doesn't check my status as an Accountant.
    All posts on here are for information and discussion purposes only and should not be seen as professional advice.
  • Paul_Herring
    Paul_Herring Posts: 7,481 Forumite
    Name Dropper Photogenic First Post First Anniversary
    Why can't State Pension be more than your personal allowance?

    Because the state pension is only £95.25 per week (£130.00 if you want to be generous and include pension credit,) and the personal allowance for someone aged 65-75 is £9,030 (£173.65 per week.)

    And while I can't find figures anywhere on HMRC or direct.gov, I'm sure S2P/SERPS won't account for the £78.40 difference between the two figures.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • yorlass
    yorlass Posts: 9 Forumite
    It would be useful if the checker also had a box to put in part-time hours for pro-rata salaries?
  • ditchsid
    ditchsid Posts: 1 Newbie
    I entered NT in the tax code box. It said tax was still payable. NT code means no tax!!!!!
  • robpitt
    robpitt Posts: 86 Forumite
    feedback:
    the tool provides a simplistic view of the pension contribution and NI catagory. There really ouht to be more options to set these as lots of people are in schemes where there pension contributions are made gross and/or are in different NI catagories.
  • kink
    kink Posts: 139 Forumite
    my tax code 09/10 is "647L 0" on wage slip, put this in and says £0 tax but just put "647L" and brings up what is actually taken off. Anyone explain why the "0" is on wage sliip?
    thanks in advance
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