Hi everyone,
I am trying to work out how much tax I should have paid on the year 2017/18 and was hoping somebody could help check it for me please? I use self-assessment, but I am not sure the figure is correct / I have entered it into the wrong field for the one-off payment into my pension.
For 2017/18 I earnt £107435.93 (figure from my P60) and my final tax code was 1159L.
I receive at 20% relief at source through payroll for my pension so usually claim back the additional 20% relief via the tax return. The amount deducted via payroll net was £4183.51. However, this is the first time I have gone over £100k so my tax code remained the same throughout the year, but I also made an extra pension payment so as not to be stung for the 60% tax by starting losing my personal allowance.
On 4th April 2018 I paid a net one off payment direct into my pension of £5950. I have seen that my pension has received £1487.50 tax relief (20%).
Bank interest was only £18.
To summarise:
2017/2018 total income received £107453
Final tax code 1159L
Net Pension payment via relief at source through payroll £4183.81
Net one-off payment direct to pension provider £5950
Please could somebody help me out?
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