Tax on multiple incomes

ABN

Thanks for the replies.

Looks like I will have to fill in a tax return each year, which from memory is a right PIA being that I am totally disorganised.

Not sure how one is meant to cope in a few years time when perhaps all the marbles are not present

jem16

ABN wrote: »

Looks like I will have to fill in a tax return each year, which from memory is a right PIA being that I am totally disorganised.

I don't believe a tax return would be needed and you certainly don't fit HMRC's guidelines for someone who would be required to do so.

https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return

It can be advantageous ( and these days very easy with online filing) but it is by no means necessary. As Clapton said a simple phone call, or at most a letter, would suffice.

What is important is that you get in touch with HMRC.

xylophone

http://www.thisismoney.co.uk/money/saving/article-3117390/New-rule-lets-claim-5-000-tax-free-allowance-claim.html

You are deferring the state pension?

ABN

xylophone wrote: »

You are deferring the state pension?

Yes.

Plan is to go ahead as per the 2 threads in the pension forum that you helped me with.
https://forums.moneysavingexpert.com/discussion/5152256
https://forums.moneysavingexpert.com/discussion/comment/68318697#Comment_68318697

Its just a matter of deciding at what level to set the drawdown and finally mustering up the “courage” to make the commitment to swap providers and start it.

Fortunately, or unfortunately according to how you view it, unlike most people when they reach retirement age their income suddenly stops and therefore have an urgent necessity to start their pensions, for me nothing has changed, still business as usual so to speak.

Not sure what the trigger will be, or when it will come, to stop me sitting on the fence and finally take action.