I have an employer tax code of K263 & two minute private pension tax codes of DO. How can I be paying 40% tax on these pensions if my yearly income is just over 42K? I am also paying between £550/600 a month tax on my salary of around £2500 gross.
I thank you for your answers, I think I will just put up & shut up. My biggest gripe is why has the tax system got to be so complicated. They send me all these figures but who am I to question them? I think my next move is to speak to the tax advisors of Starbucks Coffee & Amazon (just joking & no disrespect intended)
It's merely a question of checking tax codes when you are in your position, Alan, a terrible bore I know, but why pay more tax than you need? Of course, if HMRC require to self assess it will all come out in the wash anyway and either a bill sent or a refund made.
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