The Retirement Thread

[Chislenko]

Quick question for you retired peeps - does your pension come pre taxed or do you have to do a tax return at the end of the year ?
For those of you lucky enough to have more pension than the tax allowance anyway.

Thanks.

Mine get taxed at source so you get paid net just like PAYE.

Other people may do a self assessment, I think it revolves around what tax bracket you are in, or used to.

 

[cougie uk]

Mine get taxed at source so you get paid net just like PAYE.

Other people may do a self assessment, I think it revolves around what tax bracket you are in, or used to.

Ah that makes it easier then. Cheers.

 

[PaulSB]

Quick question for you retired peeps - does your pension come pre taxed or do you have to do a tax return at the end of the year ?
For those of you lucky enough to have more pension than the tax allowance anyway.

Thanks.

I don't take my private pension but drawdown to the tax threshold to top up my state pension. This is a real PIA. The pension provider doesn't have a tax code for me as HMRC don't issue tax codes to non-taxpayers. The drawdown is usually £1500 and tax is deducted on the assumption my income is £1500 × 12 = £18000 plus the state pension!!!!! I then have to reclaim the tax or wait for the revenue to make a refund at the end of the tax year. Once I realised this I started taking the drawdown in February/March to minimise the wait for the refund. Makes me cross though I understand why it is.

Mrs P has an NHS pension and state pension. The NHS pension is taxed at source. Just like PAYE.

 

[PaulSB]

First time the above happened I got absolutely slaughtered on tax. Took £3000 to pay for a new bike. Had no idea the tax thing would happen. New bike waiting to be picked up so I had to pay by credit card. The tax refund was late so I couldn't clear the card and got stuffed on the interest.

I was one very unhappy bunny.

 

[ebikeerwidnes]

Yup - pension comes from provider just like my old salary - all tax sorted out already - no need to fill in any forms



anyway - task or today was to check out moving away from Virgin Media - almost certainly to Sky

you would think you could go onto the Sky site and say
"I've got this this and this - what can you do that includes all that"
and they would give you a price

but no

you have to know about Sky Stream, Sky Q and stuff and know which one you want

and if you try to find out something - like for example do I need a satellite dish or how long does it take to switch - then you get pages upon pages of fancy graphics - very professional and brilliant graphics - but naff all in the way of information

and as for a phone number
I eventually found one - that just told me to contact my broadband provider - which was of little help when it was supposed to be a TV sales line!!!!!



Honestly - I actually want to throw money at them - how hard do they have to make it!!!

 

[classic33]

Yup - pension comes from provider just like my old salary - all tax sorted out already - no need to fill in any forms



anyway - task or today was to check out moving away from Virgin Media - almost certainly to Sky

you would think you could go onto the Sky site and say
"I've got this this and this - what can you do that includes all that"
and they would give you a price

but no

you have to know about Sky Stream, Sky Q and stuff and know which one you want

and if you try to find out something - like for example do I need a satellite dish or how long does it take to switch - then you get pages upon pages of fancy graphics - very professional and brilliant graphics - but naff all in the way of information

and as for a phone number
I eventually found one - that just told me to contact my broadband provider - which was of little help when it was supposed to be a TV sales line!!!!!



Honestly - I actually want to throw money at them - how hard do they have to make it!!!

 

[Deleted member 1258]

Quick question for you retired peeps - does your pension come pre taxed or do you have to do a tax return at the end of the year ?
For those of you lucky enough to have more pension than the tax allowance anyway.

Thanks.

I don't pay tax, my income isn't high enough.

 

[Deleted member 1258]

We had a very enjoyable afternoon down the club, and as a bonus we both won, my Good Lady on the money raffle and me on the bingo, to add some excitement to the afternoon the bus home broke down and we spent a quarter of an hour by the roadside while the driver and the driver of another bus cleared the fault.

 

[numbnuts]

I've just watched the King of Kings...
and he shall reign forever and ever hallelujah

 

[numbnuts]

I don't pay tax, my income isn't high enough.

Me too

 

[Tenkaykev]

I don't take my private pension but drawdown to the tax threshold to top up my state pension. This is a real PIA. The pension provider doesn't have a tax code for me as HMRC don't issue tax codes to non-taxpayers. The drawdown is usually £1500 and tax is deducted on the assumption my income is £1500 × 12 = £18000 plus the state pension!!!!! I then have to reclaim the tax or wait for the revenue to make a refund at the end of the tax year. Once I realised this I started taking the drawdown in February/March to minimise the wait for the refund. Makes me cross though I understand why it is.

Mrs P has an NHS pension and state pension. The NHS pension is taxed at source. Just like PAYE.

I do the same, but immediately reclaim the tax by going online and filling in the form. I know this is how it works because last week I thought “ bloody hell, must reclaim my tax, went online and filled in the form” Today I had a letter from HMRC thanking me for completing the form and pointing out that I’d already done it lasy year and they’d paid the money into my account on 17 July last year ( I checked, they had, I’d forgotten 😄)
Mrs Tenkaykev also gets an NHS pension, so I transfer part of my tax allowance to her. You are allowed to transfer £1,260 of your allowance.

 

[Tenkaykev]

I’m not a happy man, pulled my calf on today’s run 🥲 I’ve been icing it and rubbing in Voltarol gel. Fingers crossed it resolves quickly 🤞

 

[pawl]

That is a fabulous birthday present, I am very jealous. Congratulations on your birthday and keep riding.

Yes she is very talented Birthday and Christmas cards are are all made in cross stitch.

 

[PaulSB]

I do the same, but immediately reclaim the tax by going online and filling in the form. I know this is how it works because last week I thought “ bloody hell, must reclaim my tax, went online and filled in the form” Today I had a letter from HMRC thanking me for completing the form and pointing out that I’d already done it lasy year and they’d paid the money into my account on 17 July last year ( I checked, they had, I’d forgotten 😄)
Mrs Tenkaykev also gets an NHS pension, so I transfer part of my tax allowance to her. You are allowed to transfer £1,260 of your allowance.

That's interesting as Mrs P has recently moved into paying tax. I will investigate. Thanks Tenkaykev 👍

 

[welsh dragon]

Luckily my pensions just scrape under the amount at which I have to pay tax. Phew. 😆