Aviva drawdown and tax deductions (Edit) - new additional quick question

Sea_Shell

Still no update 

sheslookinhot

It’s taken me 3-4 months to get a response from HMRC, to each letter I get from them requesting more information. First applied in June for a rebate and responded to 2 letters since. On that basis I’m expecting a rebate in March/ April.

Thrugelmir

Sea_Shell said:

We really want this sorted during this tax year, as once DH goes into drawdown in April, he will be paying some tax, and we'd rather it didn't get messy.

Will be allocated a tax code and be straightfoward. As the pension company make the payments just as your old employer would run the monthly payroll.  Looks like the pandemic stresses are finally easing. Be fewer staff absences going forward. 

Sea_Shell

sheslookinhot said:

It’s taken me 3-4 months to get a response from HMRC, to each letter I get from them requesting more information. First applied in June for a rebate and responded to 2 letters since. On that basis I’m expecting a rebate in March/ April.

Thrugelmir said:

Sea_Shell said:

We really want this sorted during this tax year, as once DH goes into drawdown in April, he will be paying some tax, and we'd rather it didn't get messy.

Will be allocated a tax code and be straightfoward. As the pension company make the payments just as your old employer would run the monthly payroll.  Looks like the pandemic stresses are finally easing. Be fewer staff absences going forward. 

Thanks guys, I know we just need to be patient.   And yes, the new drawdown will be dealt with like PAYE so shouldn't be "messy".   I just like to have things squared away.

It's just frustrating that they have £4200 of our money which we could be buying some bargain ISA units with at the moment!!!

Thrugelmir

Sea_Shell said:

sheslookinhot said:

It’s taken me 3-4 months to get a response from HMRC, to each letter I get from them requesting more information. First applied in June for a rebate and responded to 2 letters since. On that basis I’m expecting a rebate in March/ April.

Thrugelmir said:

Sea_Shell said:

We really want this sorted during this tax year, as once DH goes into drawdown in April, he will be paying some tax, and we'd rather it didn't get messy.

Will be allocated a tax code and be straightfoward. As the pension company make the payments just as your old employer would run the monthly payroll.  Looks like the pandemic stresses are finally easing. Be fewer staff absences going forward. 

Thanks guys, I know we just need to be patient.   And yes, the new drawdown will be dealt with like PAYE so shouldn't be "messy".   I just like to have things squared away.

It's just frustrating that they have £4200 of our money which we could be buying some bargain ISA units with at the moment!!!

Sell on the surges. Ignore the dips (for the current time). 

NedS

Sea_Shell said:

It's just frustrating that they have £4200 of our money which we could be buying some bargain ISA units with at the moment!!!

Could be a godsend. Prices may drop a lot more from here yet. I'm not in any rush to buy the dip yet.

Sea_Shell

Still no update on HMRC about the processing of the tax rebate.   Still showing as estimated completion date of 8/12/21.


Thinking about this, and the mention someone made on another thread about KPI's in government departments.

Once it's late, does it matter to their performance figures HOW late it then becomes?

Surely, they would now try to meet their KPI's, going forward, with NEW applications, as old ones have already "failed" the standard, and won't get reported as being "more late".

eg.  They have a target that "all applications should be processed within 6 weeks of receipt".

So now concentrate on hitting that target, and don't worry about those that have already missed that target.


Anyone have any inside knowledge of how they work?

Sea_Shell

Just watched Martin Lewis' show from last night.

No wonder HMRC are inundated if he's been reminding everyone of all the areas of tax that can be reclaimed, with the end of the tax year looming.

There are so many, including the working from home tax relief.

I think DHs rebate may be some time coming ☹️


I think ML does an amazing job...but he is single handedly able to crash (or stretch) systems with his excellent advice 😉

Sea_Shell

FINALLY, the HMRC website is showing the rebate application as "complete".

Lets see how long a cheque takes to arrive.     And lets hope it's a cheque and not another "we need more info" letter. 

Thrugelmir

I always receive rebates by BACS.