Retired in this tax year so now what?

suelees1

Hi, I'd be grateful for some advice please.

I finished work end of May 2012 and my only income is my private pension. Apart from ISAs I have a savings accounts in my own name and also jointly with my husband. Other accounts have/will have matured during the tax year to 2013 and tax has already been deducted from interest paid on these at maturity. These matured accounts have now been reinvested into currently open accounts.

I'm struggling how to figure out what I need to do come April 2013.

I assume around then I'll receive tax certificates showing gross interest paid/tax deducted from the various saving accounts.

Ok so do I add up my 7 weeks income from employment in 2012 plus the amount of private pension* and all the interest paid on the savings accounts to see if it amounts to less than £8100....and if so can I claim a rebate?

*I assume my private pension is already paid to me net so I'd have to contact my provider to ask what my gross income will have been during this tax year.

My head is going round in circles :undecided

jem16

suelees1 wrote: »

Ok so do I add up my 7 weeks income from employment in 2012 plus the amount of private pension* and all the interest paid on the savings accounts to see if it amounts to less than £8100....and if so can I claim a rebate?

Basically yes. Is it likely to be?

*I assume my private pension is already paid to me net so I'd have to contact my provider to ask what my gross income will have been during this tax year.

What tax code is being used for your pension? Do you get a payslip?

Do you receive any state pension?

xylophone

You should get a P60 from your pension provider amd presumably you have your final payslips from your ex employer.
You should also receive (if not request them) statements of interest paid/tax deducted from the savings providers.
See also this http://www.hmrc.gov.uk/tdsi/ten-per-cent-guidance.htm
in conjunction with http://www.hmrc.gov.uk/rates/it.htm as allowance figures in examples are out of date.
http://www.hmrc.gov.uk/incometax/taxable-income.htm

suelees1

jem16 thank you but no I haven't had anything and will get onto my pension provider on Monday about this because all I see is the monthly bank credit. No SRP (state ret pen) yet as I'm one of the first lot of women to have staggered starting date for SRP

xylophone thank you very much. I'll wait until I get all these and then deal with it. I could be back in April