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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 8111
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

I need help, No, No

Customer Question

JA: Hi. How can I help?
Customer: I need help
JA: Have you talked to a tax professional about this?
Customer: No
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: No
Submitted: 14 days ago.
Category: Tax
Expert: replied 14 days ago.

Hello and welcome to JustAnswer. I’mCustomer a UK qualified accountant.

Please expand on your question .. how can I assist you?
Many thanks

Customer: replied 14 days ago.
Hi, I'm an employee and I'm trying to figure out why I pay more tax than online salary calculators suggest I should be paying.
Customer: replied 14 days ago.
I can send my payslip alongside the breakdown given by two online calculators. I guess it's a trivial question for you
Expert: replied 14 days ago.

Thank you for your question.

You need to check your tax code. I am happy to look at the payslips and advise.

Are you on fixed monthly salary?

Many thanks

Customer: replied 14 days ago.
it's a fixed monthly salary, no benefits, 5% auto-enrollment pension
let me share all the details
Expert: replied 14 days ago.

Thank you for your reply.

It appears your pension contribution is after taking into account tax relief at basic rate.

If you were to remove pension contribution from the tax calculator then you will see tax deduction on a monthly salary of £5,200 comes to £1,032.67 - see attached.

My aim is to give you a professional service. I hope this is helpful and answers your question.

If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 14 days ago.
Thank you very much for explaining this! I was sure the pension I contribute is excluded from taxation because well it's pension! I heard there are ISAs that add 20% on top of what you put in, but why is that different from pension I don't quite get.
Expert: replied 14 days ago.

Thank you for your reply. In the case of pensions where you are making a net contribution, the top up at basic rate of 20% is made by HMRC automatically.

In the case of ISAs the interest or gain is tax free and there is no top up. If you save £150 pm in an ISA it is not topped up to £187.50 but only £150 is invested.

I hope this is helpful and answers your question.