Property News · May 31, 2016

I took some money from a pension pot and have now been sent a ridiculously high tax code


HMRC has estimated my income tax is £291,072 – more than ten times what I actually payI am on a modest university pension (£25,555) and do a bit of freelance work (perhaps worth £4,000), while this April I took £12,500 out of a small additional pension pot. This morning I received a letter from HMRC, telling me my tax code for the current year was K36211X.I discovered that HMRC has estimated my taxable income to be £677,717 and estimated PAYE income tax is £291,072 (more than 10 times what I actually pay). HMP, London Continue reading…

Source : theguardian.com
Read more…I took some money from a pension pot and have now been sent a ridiculously high tax code

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