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State pension and tax returns
GDB2222
Posts: 26,908 Forumite
I think the state pension is taxable, so I need to stick it on my tax return - which I'm doing late! The thing is that I don't think I've had a P60 from the DWP.
I can just go through my bank statements and add up what I received, so it's hardly an insurmountable problem. But I'd like to be sure that no tax has been deducted at source. And why aren't they sending out P60s anyway?
I can just go through my bank statements and add up what I received, so it's hardly an insurmountable problem. But I'd like to be sure that no tax has been deducted at source. And why aren't they sending out P60s anyway?
No reliance should be placed on the above! Absolutely none, do you hear?
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Comments
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State Pension is always paid gross so no need to get P60 from the DWP. It is still taxable so you must keep your own records of your state pension income.1
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OP
Just before the start of the year (April) the DWP send out details of the state pension to be paid in the next year. It is a weekly amount and I have found that multiplying that by 52 is acceptable.
As said above no need for a P60.1 -
When an employer issues a P60, the P60 summarises total pay and deductions in the year. State pension has no deductions (i.e. is paid gross), so issuing millions of P60s would be neither necessary nor cheap!GDB2222 said:I think the state pension is taxable, so I need to stick it on my tax return - which I'm doing late! The thing is that I don't think I've had a P60 from the DWP.
I can just go through my bank statements and add up what I received, so it's hardly an insurmountable problem. But I'd like to be sure that no tax has been deducted at source. And why aren't they sending out P60s anyway?Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
I can just go through my bank statements and add up what I received
State Pension isn't taxed like that, you are taxed on what you were entitled to not what you received.
Notbritishgas' suggestion is much better.
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Thanks very much.
I started receiving the pension during the year so, I will have to have a look and try to work out how many instalments I received. Anyone know whether it’s paid in advance or arrears?No reliance should be placed on the above! Absolutely none, do you hear?0 -
It is paid in arrears. You need to find the number of weekly - not 4 weekly - pay days there were from your state pension date up until 5th April. Multiply that by your weekly amount and deduct any days from the payment day before you reached SPA to your SP date because the first weekly payment day would not be a full week.
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