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Self Assessment Tax Return in Retirement
jim8888
Posts: 430 Forumite
For the past few years in employment I've filled out my tax return. I retired (was made redundant) from work in March last year, and am assuming I will have to submit a return for the 2021/22 tax year. Or do I? My only income over that time was a redundancy payment in late April 2021 that was under £12k, and I took some of a TFLS in September out of a pension.
This year, I'm only taking a monthly payment from a SIPP at £1047 to keep me under the income tax threshold. I haven't been taxed on these withdrawals this year. So i was wondering if I will have to fill out a self-assessment tax return ongoing, or do I not need to bother?
This year, I'm only taking a monthly payment from a SIPP at £1047 to keep me under the income tax threshold. I haven't been taxed on these withdrawals this year. So i was wondering if I will have to fill out a self-assessment tax return ongoing, or do I not need to bother?
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Comments
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For what reason were you filling out a tax return previously ?0
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Do I need to fill in a tax return? (taxcruncher.co.uk)
Also if you register with your Personal Tax account online , I think there are also some questions you can answer regarding 'do I need to fill in a tax return?'1 -
You need to check your Self Assessment account so see if you have been served with a notice to file a return.jim8888 said:For the past few years in employment I've filled out my tax return. I retired (was made redundant) from work in March last year, and am assuming I will have to submit a return for the 2021/22 tax year. Or do I? My only income over that time was a redundancy payment in late April 2021 that was under £12k, and I took some of a TFLS in September out of a pension.
This year, I'm only taking a monthly payment from a SIPP at £1047 to keep me under the income tax threshold. I haven't been taxed on these withdrawals this year. So i was wondering if I will have to fill out a self-assessment tax return ongoing, or do I not need to bother?
That is what matters. Ignoring that is a recipe for hassle next year.1 -
The questionnaire on the HMRC website really clarified this for me, and it turns out I don't need to fill one in. Thanks for the advice (and thanks to HMRC for once, for giving the informative online guidance.)0
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That does not trump being issued with a notice to file.jim8888 said:The questionnaire on the HMRC website really clarified this for me, and it turns out I don't need to fill one in. Thanks for the advice (and thanks to HMRC for once, for giving the informative online guidance.)
What does your Self Assessment account show?0 -
@ Dazed & Confused There isn't any notice to file and I can't see that anything is outstanding on my account.....0
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