Not another Pension and TAX question

[norfolkred1]

I left in 2008 after 28 years and have never been out of employment. Since leaving I have been on a BR rate and my current pension holds a 1060L rate. Now a mate at work who is an ex Pongo of 24 years does not have a BR TAX code and our pensions are very similar in payment. Are there any other Goaters who are in the same situation as me.


Thanks in advance

 

[dessp2]

I left in 2008 after 28 years and have never been out of employment. Since leaving I have been on a BR rate and my current pension holds a 1060L rate. Now a mate at work who is an ex Pongo of 24 years does not have a BR TAX code and our pensions are very similar in payment. Are there any other Goaters who are in the same situation as me.


Thanks in advance

He may have not applied his Tax free allowance to just one (Either his salary or his pension) it is possible to split it between both. I like you have my 1100L applied to my pension so I am also on BR for my salary.

 

[muttywhitedog]

I use my tax allowance against my military pension and pay tax on my current job, which I do for 9 months per year. As my pension is the only money guaranteed until I die, it made sense to use my tax allowance against that.

 

[GOV1]

He may have not applied his Tax free allowance to just one (Either his salary or his pension) it is possible to split it between both. I like you have my 1100L applied to my pension so I am also on BR for my salary.

Same here, I have a part time job set at BR tax and my pension is at 1060L, soon to be 1100L in the new tax year.

I have had many a conversation with the tax office on this matter and they have advised to stay with the pension at 1060L. I did have two part time jobs in which both were at BR tax code, nothing changes unless you hit the higher tax bracket.

Sit back, relax and enjoy the money, you deserve it. Thats what I say anyway.

 

[GOV1]

Same here, I have a part time job set at BR tax and my pension is at 1060L, soon to be 1100L in the new tax year.

I have had many a conversation with the tax office on this matter and they have advised to stay with the pension at 1060L. I did have two part time jobs in which both were at BR tax code, nothing changes unless you hit the higher tax bracket.

Sit back, relax and enjoy the money, you deserve it. Thats what I say anyway.

I should have wrote tax code 1100L, doohhhhh

 

[norfolkred1]

Thanks for all the info Goaters. There are 2 things for certain in life, 1 is Tax and the other is death and you cannot escape both of them...

 

[busby1971]

BR tax code is okay as long as your total earnings are below the level where the higher rate of tax kicks in, this may be lower than you think especially if you have a company car or other benefits.

If you do earn a bit more then it might be worth getting a k or prefix tax code to make sure you don't end up with a bit of a bill, and more importantly if you're in a pension scheme, that you get the right amount in relief.

Sent from my SM-T715 using Tapatalk

 

[Cooheed]

Same here. My full tax allowance goes on my pension with my day job, with an English company, being SBR (Sturgeons Basic Rate) ......