Should I get an annual statement of my state pension for my tax return?

usignuolo · 22 January 2012 at 2:19PM

I retired in 2010 and I have both a state pension (enhanced from SERPS) and a Civil Service Pension. Neither the enhancement nor the CS Pension is very large but I still need to complete a self assessment tax form on which I have to put my income for the year.

I have assembled all the paperwork. The Civil Service Pension sent me a P60 in 2011 saying how much pension they paid me in the year ending march 2011. But I have not received any similar document in respect of my state pension service.

When I first claimed my state pension, I received a calculation of how much was due including SERPS entitlement less a sum reflecting any benefits from a contracted out scheme of which I was a member for a while. But nothing since.

More recently I received a letter from the CS scheme explaining how tax codes for the two schemes (state and CS would be offset as appropriate. But I have never received any documentation from the state scheme since that first estimate although I am being paid monthly and the amount looks about right

So short of adding up my individual bank statements which reflect state pension after tax, I do not know how much it actually was for the year. I know this sounds daft but the letter with the quotation they originally sent me had all sorts of small amounts on it, additions and deductions and i think there was a small state increase announced last year. The monthly amount I am now getting from the state scheme does differ slightly from the original estimate but that may be due to changed tax codes.

Should I receive an annual statement in P60 or other form of how much state pension I have received, to enter on my tax return? Or do I have to go through all my bank statements for the year and add it up (which will of course be the after tax figure)?

BoGoF · 22 January 2012 at 2:24PM

No you don't get a P60 and as it isn't taxed at source you don't have to worry about that.

jem16 · 22 January 2012 at 2:25PM

usignuolo wrote: »

Should I receive an annual statement in P60 or other form of how much state pension I have received, to enter on my tax return?

State pensions or any other benefits are not recorded on a P60.

Or do I have to go through all my bank statements for the year and add it up (which will of course be the after tax figure)?

Your state pension is paid to you gross. The tax is taken via your CS pension by a tax code reduction.

So yes you simply add up the amount you have been paid.

le_loup · 22 January 2012 at 2:26PM

.... or take it from your Notice of Coding.

patanne · 22 January 2012 at 2:34PM

The problem with the state pension is that you pay the tax for the period due not for the period received. I received no SP in the last financial year but did receive the first 4 weeks 2 weeks into the new tax year. I have just recently received a tax bill for the 2 weeks for the end of March. This does not happen if you are paid it weekly. I wish I'd known that at the time, I'd have asked to have it done weekly. It seems the only way you can find out is by asking HMRC what the DWP reported to them!! A nightmare.

bigfreddiel · 22 January 2012 at 10:51PM

"..........Neither the enhancement nor the CS Pension is very large but I still need to complete a self assessment tax form................."

are your pensions taking you into the higher rate tax bracket,or do you have some other source of income - if not you have no need to enter a tax return.

patanne · 22 January 2012 at 10:59PM

With pensions you may need to if it takes you over £24k as they start clawing back the over 65 tax code. There are also problems with the K code they sometimes need to issue if your income is not a fixed amount or ( this is where it can get complicated like mine) where half your private pension is not enough to pay all the tax on your private pension and state pension.

jem16 · 22 January 2012 at 11:03PM

bigfreddiel wrote: »

are your pensions taking you into the higher rate tax bracket,or do you have some other source of income - if not you have no need to enter a tax return.

My father has no other income apart from his state pension and occupational pension. He still receives the short tax return each year.

kidmugsy · 22 January 2012 at 11:46PM

You get your state pension gross. Following the advice of an accountant friend, on the tax return I just enter my weekly state pension multiplied by 52.

gillybeanmc · 22 January 2013 at 2:49PM

Can I go back to the original question, do they issue an annual statement of the state pension. I am trying to borrow some money for a small mortgage & have been asked to supply a statement of earnings from them.

kidmugsy · 22 January 2013 at 3:25PM

gillybeanmc wrote: »

do they issue an annual statement of the state pension

I've never had a statement of what I have received, but you do get a letter stating how much they are going to give you in the new tax year. That should do the trick, shouldn't it?

Should I get an annual statement of my state pension for my tax return?

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free