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bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4208
Experience:  FCCA FCMA CGMA ACIS
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my tax for last year was 0317l/1.now it is 307l fore 2014.what

Customer Question

my tax for last year was 0317l/1.now it is 307l fore 2014.what is the percentage of my tax. thank you.steve norman
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

You mean your tax code is 307L, correct? I cannot calculate your tax percentage unless you tell me your earnings.

Please advise.
Customer: replied 3 years ago.

hi I only have a pension my .pension is £19000.68 ayear.

Expert:  bigduckontax replied 3 years ago.
That total includes your state pension, your tax code indicates as much, I make that assumption.

You will be taxed in 13/14 t 20% on any earnings over GBP 3070. Thus 19001 less 3070 = 15931 @ 20% = 3186 tax due [all figures rounded].
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4208
Experience: FCCA FCMA CGMA ACIS
bigduckontax and other Tax Specialists are ready to help you
Expert:  Sam replied 3 years ago.
HiSorry to interject - but did you want to know what impact this change of code would have on your tax, compared to what you are paying currently? (so how much wore off you would be?)ThanksSam
Expert:  bigduckontax replied 3 years ago.

Your tax code changed from 317 to 307 so you would be taxed on GBP 100 more income at 20% = 20 quid.

 

Thank you for your support.