| Author |
Message |
BattyOldBird
Joined: 09 Mar 2008
Posts: 2
Location: England
|
 Posted: Sun Mar 09, 2008 2:13 pm Post subject: Tax on Pension |
 |
|
I'm not sure if anyone can advise me on this but I have recently retired and with my state pension and small occupational pension I will be on an income of approx £8,200 per annum. I have been told by the tax office that my tax code will be K4 for the new tax year and my personal allowance is £5,435. Am I correct in assuming that I should be paying 22% on £2,765, being the difference between £8,200 and £5,435?
When I worked it out on paper I reckoned I would be paying about £11 per week but when I did on the on-line PAYE calculator and put in the code K4 it was nearer £35 per week, quite a big difference. Am I on the right track with the way I calculated have I got it all wrong?
Glad of any advice |
|
| Back to top |
|
 |
JonB
Joined: 15 Mar 2005
Posts: 56
Location: Cleveland UK
|
| Posted: Sun Mar 09, 2008 7:38 pm Post subject: |
|
|
| The good news is, For over 65's the tax free allowance goes up to £9,000 & odd. |
|
| Back to top |
|
|
BattyOldBird
Joined: 09 Mar 2008
Posts: 2
Location: England
|
| Posted: Sun Mar 09, 2008 8:35 pm Post subject: |
|
|
| JonB wrote: | | The good news is, For over 65's the tax free allowance goes up to £9,000 & odd. |
Thanks for that, Jon. But I've got another couple of years to go yet!  |
|
| Back to top |
|
|
|
FAQ
Search
Usergroups
Register
Profile
Log in to check your private messages
Log in
