Confused by final payslip of the fiscal year

PaulStat

PaulStat

PaulStat

Soldato
Joined
1 Mar 2003
Posts
5,508
Location
Cotham, Bristol
Ok so today I received my payslip, which seeing as next week is the end of the current financial year it has my totals on it for this year.

So it's broken down like this:

Total pay: 29906.07
Taxable pay: 29549.82
Tax paid: 5082.80
Pension: 1236.25

When I saw the taxable pay amount I thought "hang on don't I get a tax free allowance of a few k?" So I looked it up and sure enough it should be 5220.00.

So I quickly popped off to listentotaxman.com to check the above figures, (I haven't taken into account my pension as i'm not sure how to enter that?) checked the include student loan check box and it gave me the following figures.

Gross Pay 29,906.07
Tax free Allowances 5,220.00
Total taxable 24,686.07
Tax paid 5,163.34
Student Loan 1,341.55
National Insurance 2,717.67
Total Deductions 9,222.55 <----- this made me cry
2007 Net Wage (69% of gross) £20,683.52

So I intially thought I was paying too much tax, but am I actually paying too little? I'm confused :confused::confused:
 
Guess the pension comes of before so you save the tax on that. As to the rest of it i get too confused.

What was your actual pay for the year? Total - tax paid?
 
Payslip doesn't tell me my net pay for the year, or how much NI I paid for the year. Like I said above though the total tax paid for the year according to my payslip was 5082.80
 
mine is different because pension and some other subsidised benefit contributions are deducted from gross pay

tax allowance does not affect taxable pay
 
Have you got health insurance or some kind of benefit there, Paul's tat?
 
iirc pretty much all of it is taxable, but the first few k is taxable at 0%. The few hundred is probably untaxed stuff such as pensions. My pay slip says 100% taxable atm
 
the total tax free allowance is £5,225 not £5,220. if it's less than £5,225 then it would imply that you are being taxed on something that is considered a taxable benefit (unless it is a typo!). for example, i'm being taxed £187 in total for private medical insurance (even though i've changed jobs) so my tax allowance is £5,038.
 
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