Gransnet forums

Legal, pensions and money

Is this tax code right?

(4 Posts)
Shinamae Fri 02-Dec-22 19:55:53

I am 69, receive the old amount of state pension and I also work 18 hours a week for minimum wage, my tax code is 384L. I am asking on here because I know there is a fountain of knowledge to tap and also I don’t want to be waiting hours on the phone to speak to the tax office…🤓

Sandytoes Sat 03-Dec-22 10:22:29

It looks around the right figure but not possible to calculate it exactly without knowing your total income and also if you have any tax owing or owed from previous years . I have estimated your total income to be around 16. 5 k . Your tax allowence will be 12500 so you will need to pay tax on the remainder ( approx 4k ) . This will be divided by 12 to divide it equally over the tax year . The last figure is removed eg 3840 will be shown as 384 on the tax code and the letter denotes something other than standard ( eg another income source ) . You should be receiving you pension without any tax being taken and tax will be taken from your salary. Hope this helps explain it a bit .

Riverwalk Sat 03-Dec-22 10:38:47

Sounds about right to me too.

Assuming you work a regular 18 hours per week that takes you to around £9,000 salary, plus your State Pension of around £7,300. The SP will be tax-free and only the first £3,840 of your salary will be taxed.

Shinamae Sat 03-Dec-22 11:50:12

Thank you both so much, you have definitely put my mind at rest 👏🏻👏🏻👏🏻💐💐💐