Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • goondie
    • By goondie 16th Apr 19, 11:17 AM
    • 3Posts
    • 0Thanks
    goondie
    tax code help
    • #1
    • 16th Apr 19, 11:17 AM
    tax code help 16th Apr 19 at 11:17 AM
    I live in Australia.
    I have two small pensions no more than 1200 Pounds P.A.
    One pension started in December when I turned 65 and I have just got my P60 from the pension admin and it shows I have a tax code of 19T which means I'm paying more than 10% in tax on that one fund.
    Could anyone tell me what this tax code means and why I'm paying so much tax on such a small pension amount?
    Thanks in advance
Page 1
    • BoGoF
    • By BoGoF 16th Apr 19, 11:20 AM
    • 4,242 Posts
    • 3,773 Thanks
    BoGoF
    • #2
    • 16th Apr 19, 11:20 AM
    • #2
    • 16th Apr 19, 11:20 AM
    Do you receive state pension?
    • goondie
    • By goondie 16th Apr 19, 12:30 PM
    • 3 Posts
    • 0 Thanks
    goondie
    • #3
    • 16th Apr 19, 12:30 PM
    • #3
    • 16th Apr 19, 12:30 PM
    no state pension, just two small pensions from past employers.
    • drumtochty
    • By drumtochty 16th Apr 19, 1:47 PM
    • 217 Posts
    • 120 Thanks
    drumtochty
    • #4
    • 16th Apr 19, 1:47 PM
    • #4
    • 16th Apr 19, 1:47 PM
    The code says you can earn 190 a year tax free or 16 a month all pension payments above that tiny value charged at 20% tax.


    The T at the end advises that the persons total earnings will be reassessed at tax year end, April 5 2019 and any under or over payment will be processed then.


    In the UK every month your employer or pension provider informs HMRC of your monthly earnings and also the Tax and NI deducted on these wages and pensions.


    Therefore if you have not done so already you should inform HMRC of your bank account details.
    • goondie
    • By goondie 19th Apr 19, 10:58 AM
    • 3 Posts
    • 0 Thanks
    goondie
    • #5
    • 19th Apr 19, 10:58 AM
    • #5
    • 19th Apr 19, 10:58 AM
    Thanks drumtochty that helps me understand.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,510Posts Today

7,163Users online

Martin's Twitter
  • Have a great Easter, or a chag sameach to those like me attending Passover seder tomorrow. I?m taking all of next? https://t.co/qrAFTIpqWl

  • RT @rowlyc1980: A whopping 18 days off work for only 9 days leave! I?ll have a bit of that please......thanks @MartinSLewis for your crafty?

  • RT @dinokyp: That feeling when you realise that you have 18 days of work and only used 9 days of your annual leave! Thanks @MartinSLewis h?

  • Follow Martin