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Good Morning, Help Requested On Tax Codes Please,
I currently work part time 24 hrs a week and earn just above the minimum wage hourly rate , I also have a pension of 165 per month, my wage has a tax code of 1059T and my pension has the remaining amount of 2000 I think, which means I don't pay tax on my pension...but I do pay tax on my wages or around 100 or just over a month.
My question is...would it be better to put my full tax of 12690T on my wages to hopefully pay less tax? And obviously pay a small amount on my pension? Or does it not work that way? Anybody who can advise please, many thanks
Answers
No best answer has yet been selected by Sunnydays18. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.The conclusion is the same (i.e. it makes no difference how the tax free allowanace is split between income sources) but I got something wrong in my post at 11:45 as I used an old minimum wage figure. Using the latest MW figure it seems your income from work will be slightly above the standard tax threshold of £12570 so they could allocate all your allowance there, but you'd then pay tax on your pension.
Things could change again if you're due to get state pension soon.
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