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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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£790.72 PENSION AND £151.36 STOCK EXCHANGE

Customer Question

hello ***** £790.72 PENSION AND £151.36 STOCK EXCHANGE PENSION
I WAS TOLD THAT YOU HAVE TO GET £15,000 PER YEAR TO PAY TAX .
I PAY TAX EACH MONTH ..MY TAX CODE IS OO38Y/O THANKYOU
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi.

Can you tell me your date of birth please. Do you have your tax code to hand? If so, can you tell me what is in it in terms of allowances and deductions please. How much tax are you paying each month?
Customer: replied 1 year ago.

hello my date of birth is 05 /11 /1935.

you ask me how much tax each month it is £23 per month

jean smith

Expert:  TonyTax replied 1 year ago.
Thanks.

Leave this with me while I draft my answer.
Customer: replied 1 year ago.

can I wait until we have concluded our chats .. I only want to pay the 0NE payment of £36.

Expert:  TonyTax replied 1 year ago.
You don't pay anything until you have accepted an answer. All you have done is made a deposit. An info request post is not an answer. My answer when I get to post it will be labelled "Answer".
Customer: replied 1 year ago.

ok

Expert:  TonyTax replied 1 year ago.
Hi again.

You are entitled to a personal allowance of £10,660 for the 2015/16 tax year so that you don't pay tax on the first £10,660 of your income. I don't recognise the £15,000 figure. The personal allowances are here under 2.

If your state pension is paid monthly (12 payments), you will receive £9,488 in 2015/16 so your total income will be £11,304 when you add the Stock Exchange pension of £1,816. The excess over £10,660 of £644 will be taxed at 20% so you should be paying tax of £128.80 per annum or £10.73 per month.

If your state pension is paid 4 weekly (13 payments), you will receive £10,279 in 2015/16 so your total income will be £12,095 when you add the Stock Exchange pension of £1,816. The excess over £10,660 of £1,435 will be taxed at 20% so you should be paying tax of £287.00 per annum or £23,.92 per month.

I hope this helps but let me know if you have any further questions.

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