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Where Taxpayers and Advisers Meet
Tax Codes
Taken one of my pension pots as lump sum. Tax free amount £10483.76 and £19017.71 after 20% tax. In April and May tax code changed to K421. Receive income from salary plus two other pensions at BR tax. Spoke to HMRC and explained apart from payments of pension pot would not get income from latest pension. HMRC changed tax code to 16M. Is this the best way to pay the tax back? Spoke to HMRC again and they suggested they could put my pensions which are paid monthly on DO codes and then my code would be 1347 on salary. Is this best way to get maximum income? Also should this latest pension still show on my account as not receiving an income. Thanks.
Re: Tax Codes
It gets very messy ad nothing you have posted in particularly east to address- there isnt enough info here to work out how this will pan out - all i would say is do as many projected calcs as you need so that if there is large year end adjust then you are at least aware.
There will be after year end calc addressing everything whetehr via submitted tax return / simple assessment or p800
There will be after year end calc addressing everything whetehr via submitted tax return / simple assessment or p800
Not sure excatly what you mean - you may actively need to inform hmrc income source has ceased if that is the case - hmrc current year income projects can being wildly inaccurate this will affect coding splits so you may need to advise hmrc of projected incoe amounts to make progressAlso should this latest pension still show on my account as not receiving an income.
