I am one of the £10,000 per year people with no children who is expecting to lose out?

Question

with the new tax rates.I have a works pension of that amount,£800 odd per month.I have been expecting to pay extra since last year when the changes were made in the budget.I got my 1st of April pay advice which was based on last years tax code. Even so I had £81 taken off me. I am watching every post for my new code number,but so far I have not got one.Does anyone know if they can increase my tax without changing the code number (I suppose my code would have to go UP for me to pay MORE is that right?) How long do I have to wait to be sure my code number wont come?Last year it came mid March I am a 63 year old male,unmarried

Answer 1

No your code would have to go down for you to pay more a code of say 500 entitles you to earn £5000 per year before tax so if it was to drop to say  450 you would only be able to earn 4500 before paying tax . I know these figures are not the ones they use but just trying to give an example . I am furious at the moment how they have changed the pension dates for state pension I have worked 38 years [only part time whilst children growing up ] but paid tax and ni and now they have moved the goalpost and I am now going to have to wait an extra 4 years as I was born in 1954 . Wish I had sat on my backside and had benefits all my life .

Answer 2

I don't know if I've got this wrong, but I believe you tax code will stay the same... you still pay tax on the same amount of money - its just the amount of tax you pay on that that has changed....

And your tax code can come at any time - I generally get about 4 a year - no idea why - but they are generally meaning I am worse off rather than better!!

Answer 3

Good point ! Surely the Inland Revenue have to tell you if your code has changed?

I'm really miffed about all of this.  The government are saying that you can offset your higher tax by claiming tax credits - rollocks !

Yesterday when all this came out I thought I'd have a look on the internet to see if I could claim tax credit. My situation is that I work full time, term time only for a university so I am technically low paid. My husband who is a lot older than me is receiving a pension. So I thought surely we must be entitled to help - well, no, we can't claim a ruddy thing.

I would be interested to find out if you ever do receive a new coding notice - if you do it must be imminent surely.