State Pension, Tax & Tax Returns

GeoffW

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Depending on your wife's income, you can save a bit by being taxed as a couple
 

G0zzer2

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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.
 

richox12

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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!

But only if it's over your threshold. State pension is always under it and then you can earn more without tax anyway. To a limit. Private pension contributions were paid it at an advantage.
 

gingert76

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thats what i thought but then someone on the first page said their state pension alone was over the threshold so confused the hell out of me
 

richox12

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thats what i thought but then someone on the first page said their state pension alone was over the threshold so confused the hell out of me

It has me now....

State pension just over £8K and earnings threshold £12.5K. So you can earn £4K + before paying tax.

Eh ??
 

gingert76

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i know my state pension is £9100 as i looked on gateway so i know it def will not hit the threshold, maybe people used to get a bigger state pension? i have no ideas
 

rudd

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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.
 

davylad

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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.
 

Arfer Mo

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thats what i thought but then someone on the first page said their state pension alone was over the threshold so confused the hell out of me
It has me now....

State pension just over £8K and earnings threshold £12.5K. So you can earn £4K + before paying tax.

Eh ??

Sorry it was me Ginge that said it, my annual state pension is now £13,515 per annum. I benefited from when SERPS was in operation and I never contracted out.
 
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160642fishing

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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.
 
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