Tax in retirement

[Ms Interpret]

Hi I am due for retirement with a superannuated pension but will still be working about 20 hrs a week can anyone recommend a tax specialist on sheffield so i wont be overpaying tax thanks

[Cyclone]

Won't you just need to fill in a self assessment form? Tax doesn't change significantly when you retire, the allowance changes over a certain age, but other than that, income is just income and you pay tax in the same way everyone else does (apart from tax free withdrawal from the pension fund of course, which is different to income derived from an employer pension or an annuity).

[Ms Interpret]

Won't you just need to fill in a self assessment form? Tax doesn't change significantly when you retire, the allowance changes over a certain age, but other than that, income is just income and you pay tax in the same way everyone else does (apart from tax free withdrawal from the pension fund of course, which is different to income derived from an employer pension or an annuity).

Well thats what i need to know I dont know what a self assessment is and i have heard lots of stories about people being taxed wrongly after retirement and who carry on working I would prefer to speak to someone who is an expert so am asking for recomendations please

[cuttingedge]

Don't know if this helps, in a retirement book I get sent to me told that if my wife did not pay tax I could claim her unused allowance I did it was end of March l got the last 12months backdated --£400 better than a kick up any where my pho number is07722824650, do not message me I can never fined them..

[Sally Ann]

Hi Ms Interpret. I am pleased to tell you that a charity exists to help people in your position- it is called Tax Help for Older People (TAXHELP).Often issues can be sorted out over the phone- TAXHELP is on 0845 601 3321, and is based at Bridport in Dorset.

 

TAXHELP is made up of paid staff in the office, but also tax professionals throughout the UK, who give their time for free to help people like you to understand their tax position.

 

I am a volunteer in this organisation and I do tax surgeries at AgeUK in Sheffield, and I also do home visits anywhere in the area.

 

If you are to be in receipt of a company pension, plus wages from work, your tax position should be straightforward- so you do NOT need to complete a Self Assessment Tax Return- as all your income can be taxed through PAYE.

 

Cyclone suggested that your tax allowance changes with age- that used to be the case, but the Tories did away with Age Allowance-now the tax allowance for someone reaching 65 does NOT increase!

 

Do contact TAXHELP- I am sure you will get the help you need.If necessary a face to face interview can be arranged to give you peace of mind.

Edited June 1, 2016 by Sally Ann

[stormvixen]

Hi Ms Interpret - I work for a pension company, dealing in people taking retirement

We'd recommend you speak with a financial adviser, however there is also a service called pension wise set up by the government to deal with just such queries -

 

Like myself, they aren't qualified to advise, but can offer guidance and explain how it works and available options.

if this link doesn't work, google pensionwise and it's the .gov.uk site.

 

https://www.pensionwise.gov.uk

 

Hope that helps.

 

PS, if it's just general questions, I may be able to answer them, as I've got a CF1 qualification... of which about 60% is tax related!!

[Ms Interpret]

Thank you so much for your helpful replies which i will certainly look into. Bit scared now though I am officially an "older person", have to start acting my age!!