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TonyTax
TonyTax, Tax Consultant
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DOB 19.07.48 Please advise how much tax you think I should

Customer Question

DOB 19.07.48
Please advise how much tax you think I should be paying.
PAY £877.50 EVERY 4 WEEKS
Works pension 139.49 every 4 weeks.
State Pension approx 126 weekly, sorry can't remember exact figure.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi.

Leave this with me while I do some calculations.
Expert:  TonyTax replied 1 year ago.

Hi again.

You say your pay is £877.50 every 4 weeks so I've assumed that your annual salary is £11,407 (£877.50 / 4 x 52). At £126 per week your state pension is £6,552 per annum. The two together total £17,959. You are entitled to a personal allowance of £10,600 so you have taxable income of £7,359. Tax on that at 20% is £1,471.80 per annum or £113.22 every 4 weeks.

As I said you have a personal allowance of £10,600. If you are receiving £6,552 per annum in state pension, your net allowances are £4,048 which converts to tax code 404L. That is slightly better than 386L. Call the tax office on the number here to have your tax code checked out and to see what they have put in it for state pension.

The BR code on your pension is correct. BR means tax is deducted at the basic rate of income tax which is 20% or £27.90 per week or £111.60 every 4 weeks.

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

Customer: replied 1 year ago.

Thankyou, I will contact the tax office.Smile

Expert:  TonyTax replied 1 year ago.
Thanks and good luck.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15847
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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