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Pension tax

30 Jul 2020, 16:59

Received my 2 pension wage slips from capita and rm.
The Rm one it's been taxed at 20% ,the capita at 40%.
Bearing in mind you need to earn 50k+ to pay 40% (which I most certainly don't!) anyone shed any light on this?
Seems another series of emails to capita is approaching!
They dont even include a contact email address on the slip (unlike rm), anyone would think they don't want you to get in touch with them....

Pension tax

30 Jul 2020, 17:48

You need to get in touch with HMRC, as they tell your employer, pension provider, etc how much tax to pay.
As it sounds like you've paid too much tax, you should get that refunded, which will probably be in the form of a change of tax code.

Pension tax

30 Jul 2020, 18:16

Am I right to assume that you have finished working for RM in the current tax year? If yes then HMRC based your tax allowances on your RM pay and assume that more wages will be paid in for the rest of 2020-2021 tax year hence the higher marginal rates on your pensions. If my case is anything to go by you will need to inform HMRC to split your tax allowance over all your income streams. I'd also suggest creating an online tax account via the gov.uk website so that you can then inform HMRC online what your revenue streams are going to be for this current tax year. Once your revenue streams are stable and can be calculated with some certainly for the current tax year then you are in a good position to tell HMRC (via phone) that you need to split your tax allowance over all your revenue streams (RM pay + 2 pensions). However it was only at the end of the tax year that my excess tax paid was eventually rectified (automatically).

As Robert says it is HMRC that you need to contact :thumbup

Pension tax

30 Jul 2020, 20:11

Thanks for the replies lads, I'm still working for rm, planning to go by end of year so realised I'd pay tax for the rest of this tax year. Then no tax from 20/21.

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