Neil, since being paid the State Pension I have never completed a tax return, but each year I have sent my P60s from my other pensions to the Inland Revenue. which they have returned (they must be the originals, so I keep a copy).
This year, for the first time, I have not done that. My wife says they don't need them. So I am just waiting to see what the IR does.
i was going to say you have to reach the taxable level first dont you which the state pension alone would never reach? this is another reason im looking at the philipinnes for living as you can easily live on £1500 a month there and my pensions will already cover that
still bloody wrong that anyone who reaches their state pension retirement age should then pay tax again but hey ho!
Wasting a few minutes before setting off for the first evening match of the year so thought I would ask this question.
In the next 12 months I expect to start getting my state pension. I am already paying tax on my (huge ) bank pension and so will have to pay tax on my state pension. Will I have to complete a self assessment tax return?
The .Gov website only says "you might have to complete a self assessment tax return". Do HMRC do something automatically to the tax code on my work pension or do I have to contact them and ask if they want a return doing?
Ask your pension lrovider - by managing your personal/work pension they should also advise on state pension/other earnings.
Failing that seek independent financial advice - which in long run may pay off in itself.
I definitely wouldn't contact them Neil, they will almost certainly tax you on your private pension. Once you start filling in self assessment forms out, you're likely to get them regularly. A bloke with your experience, I also wouldn't pay someone else for what you can do yourself.
I hope they make a better job of it than they did mine Neil,I get State Pension and a draw down pension,every year they write to me to say I owe them money,this year they said I owed them £108,I queried it and they came back to say I only owed £2 which would be collected next year !,I did get them to agree that I stopped doing self assesments.
Next instalment of the tax saga,I've had a letter this morning telling me that they owe me £71.60,I can almost guarantee that when I've claimed it they will come back to me in the future to say I owe them money.