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Tax Code

Discussion in 'Retirement' started by angiebabe, Apr 18, 2012.

  1. angiebabe

    angiebabe New commenter

    I retired last August 31st. I have filled in 2 tax return forms and today I received notification that my tax code is now BR - which means that I will pay 20% tax on my Prud Pension Income. Is this ok is my question, as I have not idea. Did think I would be up for a tax rebate though.
     
  2. angiebabe

    angiebabe New commenter

    I retired last August 31st. I have filled in 2 tax return forms and today I received notification that my tax code is now BR - which means that I will pay 20% tax on my Prud Pension Income. Is this ok is my question, as I have not idea. Did think I would be up for a tax rebate though.
     
  3. lindenlea

    lindenlea Star commenter

    I had a right carry on with my tax. Phone them and ask them to check. Once when I phoned the woman just said, no that's not right it ought to be such and such, and she changed it there and then. I got so sick of getting amendments through the post but now I think it's right (fingers crossed).
     
  4. davidmu

    davidmu Occasional commenter

    You almost certainly earned more than the basic tax free allowance by Aug. 31st. Any earnings over £7475, I think, is taxed in the year 2011-2012. BR stands for basic rate and might be a temporary measure. You need to work out what your income is going to be in the current tax year. If this is below the tax threshold you will be able to claim tax back. Go to HMRC website and make yourself familiar with the rules.

     
  5. If you phone them it is best to go to the toilet first, have a cup of tea and a good book or several crosswords handy plus a spare pen and paper.
    I found them charming but it took 35 minutes of old 'wakka wakka' 70s music before spoke to a human. Without the crosswords etc I would have gone bananas. Once I made contact with the human it only took a couple of minutes to sort out.
     
  6. Make sure you ask for the name of the person to whom you speak too! That's handy when you phone the next time and/or if you've been given incorrect information.
     
  7. angiebabe

    angiebabe New commenter

    Thanks for all the advice - I am assuming that I do need to check this Tax Code and whether I am due a tax rebate?
     
  8. I also retired on 31st Aug last year I was sent a form to complete estimating my income for year from pensions and b soc interest etc had several codings in post but now BR for coming year. I was also hoping for a rebate but I have to fill in a return before 31 Jan and will not get round to it for a while as new job causes complications meaning accountant will do it.
     
  9. I have applied for ARB from end May and resigned from school at end December.
    Am now about to sort tax!! Were you sent tax forms with your pension details or did you request them from the tax office?
    Many thanks
    BW
     
  10. angiebabe

    angiebabe New commenter

    I didn't request tax forms, they just arrived!
     

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