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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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Who can tell me if my tax code is right on my salary & my pention?

Customer Question

Who can tell me if my tax code is right on my salary & my pention? Am i getting my benifits applied to the right income & do i have to self assess if the combined annual figure is + 100k ?
Pension 12k gross tax code k5488
Salary 94k gross + 15% flexible benefits tax code BR
No other income
Submitted: 8 months ago.
Category: Tax
Expert:  TonyTax replied 8 months ago.
Hi. If we asssume you will get £94,000 plus £14,100 in flexible benefits and a £12,000 pension in 2016/17, your income will be £120,100. Of your £11,000 personal allowance, you will lose £10,050 (£120,100 - £100,000 / 2) and will be left with a tax code of 95T. The pension should be taxed at 40% which is signified by a tax code of D0. Call the tax office on the number here and ask them to amend each of your tax codes based on what you project your income will be in 2016/17. They will make any necessary changes while you are on the phone. Alternatively, if you leave things as they are, you may be underpaid or overpaid at the end of the year and will need to complete a tax return. In fact, you ought to register to do that in any event so that at the end of each tax year, your position is quantified and you know where you stand. I wouldn't rely on HMRC to review it for you as they may miss a year and then catch up later on when you might think you are square as far as tax is concerned only to get an expensive surprise. I hope this helps but let me know if you have any further questions.
Expert:  TonyTax replied 7 months ago.
Hi.I'm just following up to find out if my answer helped or if you have any further questions.

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