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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15979
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I have just turned 65 dob 18/08/1949(YL580665B) I have started

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I have just turned 65 dob 18/08/1949(YL580665B) I have started to receive state pension
£158.25 per week,I still work,wage is £15,000 per year,I have just received a new tax code which is177L,could you please tell me how much tax will I pay each month thanks

Your tax in a normal month had the code operated from the start of the tax year would be £220.35. However, much depends on what tax code you had before the 177L code and whether the new one is a W1 (Week 1) or M1 (Month 1) code. The tax on the state pension which will be deducted from your salary will be about £31.25 per week.

I have calculated that you will receive about £5,064 in state pension for 32 weeks to 5 April 2015. If that was the only deduction in your tax code, you would be a on a tax code of 493L instead of 177L. There must be something else in the tax code that is reducing your allowances to give you a tax code of £177L instead of 493L.

I hope this helps but let me know if you have any further questions.
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Customer: replied 3 years ago.
Hi my pension is £8225 per year,my tax code was 1000L up until yesterday 04/09/2014 they have said my allowance would be £10000 less£8229 =£1771 with a new code of 177L
I also have a private pension from Standard Life before tax is £430.47 less
tax of £86.20 given me £344.27 each month
Hope this will help this is all the income that I have
Thanks for accepting my answer.

Leave the additional information with me and I will take a look at it.
Hi again.

The tax being deducted from the Standard Life pension is correct at 20%.

The deduction in your tax code for state pension should be equal to what you will actually receive in the period 18 August 2014 to 5 April 2015. You should call the tax office on the number here and have it reviewed on the basis that you won't receive a full tax year's state pension as you have only just turned 65.
Customer: replied 3 years ago.
based on all this how much tax will I pay each month on my wages
In a full tax year on a £15,000 salary, £8,225 state pension and a £5,166 private pension, you will pay £3,678.20 in tax (£28,391 - £10,000 x 20%). Of that, £1,033.20 will be deducted from the Standard Lfe pension and £2645.00 will be deducted from your salary.