Help on Self assessment and drawdown

cromercrab

Hi Folks,

Filling in my self assessment online as usual but last year I took a drawdown payment from my private pension of 20k. Where do I declare the drawdown on the online system? I had to go online to claim back the additional tax as the Pension company treated the payment with an emergency tax code. I have this all in writing from HMRC.
In their calculation they have used the 11.5k tax allowance for this year.

But I also have work income to declare, around 2.4k I cannot see any section to declare the Pension income and tax paid so that it works out correctly on the final figure.

Hope this makes sense.

Best

NordicNoir

cromercrab wrote: »

Hi Folks,

Filling in my self assessment online as usual but last year I took a drawdown payment from my private pension of 20k. Where do I declare the drawdown on the online system? I had to go online to claim back the additional tax as the Pension company treated the payment with an emergency tax code. I have this all in writing from HMRC.
In their calculation they have used the 11.5k tax allowance for this year.

But I also have work income to declare, around 2.4k I cannot see any section to declare the Pension income and tax paid so that it works out correctly on the final figure.

Hope this makes sense.

Best

In 'Tailor your return' say 'yes' to:

"Did you receive any UK pensions, annuities or state benefits, for example, state pension, occupational pension, retirement annuity, Incapacity Benefit?"

and

"Have you had any 2017-18 Income Tax refunded or off-set by us or JobCentre Plus?"

This will then open up sections for you to complete the information. Once the tax return is complete, view the formatted copy of your tax return. The information for the pension should appear in boxes 11 & 12 of the 'Income' section and the refund should show in box 1 of the 'Finishing your tax return' section. Hopefully, it will have calculated everything correctly!

cromercrab

Your a star Michelle, many thanks.

Prism

What I want to know is why you are doing your self assessment in April when you can actually remember the details of your last years work, rather than about the 28th January next year when its all a bit fuzzy. You are taking all the fun out of it!

greenglide

To get a tax return earlier?

The only time I have been keen to file a tax return early was when I was due a significant tax refund. Strangely this acted as a real incentive!

cromercrab

Yes. My pension provider uses an emergency tax code and pays HRMC direct. They will not pay the balance until you have settled all tax owing before I can go online and claim back the excess tax. Just about to take out some more beer vouchers.

Or thats my understanding.

Best

Dazed_and_confused

They will not pay the balance until you have settled all tax owing before I can go online and claim back the excess tax. Just about to take out some more beer vouchers.

Who are "They"?

I had to go online to claim back the additional tax as the Pension company treated the payment with an emergency tax code. I have this all in writing from HMRC.
In their calculation they have used the 11.5k tax allowance for this year.

If the refund you have already received was based on you receiving the full personal allowance and you now have £2.4k additional income to declare then won't you be more likely to owe several hundred pounds in tax rather than be due a further repayment?
And if the refund you claimed during the year allowed you your full personal allowance