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Sorry but another pension/tax code question!
Comments
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What would you have the government do? Release weekly press statements to confirm that state pension is taxable income? Maybe take out regular full page advertisements in the national press? Would they also do similar regarding all other forms of income whether taxable or non taxable?XzavierWalnut said:
Let's say it's not very well advertised then.Silvertabby said:
It's not a 'little trick', it's long established normal procedure.XzavierWalnut said:It's a little trick the government do not tell anyone, but when you get your state pension the full amount is taken off your tax code.3 -
This information has always been readily available. Is this another case of 'assumptions'? ie, "my granny never paid tax on her State pension, so assume that the State pension must be tax free, so assume no need to check"?XzavierWalnut said:
Let's say it's not very well advertised then.Silvertabby said:
It's not a 'little trick', it's long established normal procedure.XzavierWalnut said:It's a little trick the government do not tell anyone, but when you get your state pension the full amount is taken off your tax code.1 -
WOW, I'm astounded.
Did not realise how keen folks are to pay income tax.1 -
Better to earn enough to pay tax than earn less and pay no tax.XzavierWalnut said:WOW, I'm astounded.
Did not realise how keen folks are to pay income tax.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.3 -
Exactly. Our joint income tax bill is our biggest monthly outgoing, but we'd much rather be in this position than have to live on just £12,570 each.dunstonh said:
Better to earn enough to pay tax than earn less and pay no tax.XzavierWalnut said:WOW, I'm astounded.
Did not realise how keen folks are to pay income tax.1 -
Agree, but I retired at 59 earlier this year, after working since I was 16, and have no plans to pay anymore income tax.dunstonh said:
Better to earn enough to pay tax than earn less and pay no tax.XzavierWalnut said:WOW, I'm astounded.
Did not realise how keen folks are to pay income tax.
This all seems a bit tit for tat.
The OP was questioning why they were no better off.
My wife was semi retired for several years and even when she was getting her state pension she was paying 40% tax.
What is the point?0 -
PS, so basically she was working 3 days a week for the NHS, but was really only earning about 1.5 days of money after tax.0
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So, are you living on less than £13k a year?XzavierWalnut said:
Agree, but I retired at 59 earlier this year, after working since I was 16, and have no plans to pay anymore income tax.dunstonh said:
Better to earn enough to pay tax than earn less and pay no tax.XzavierWalnut said:WOW, I'm astounded.
Did not realise how keen folks are to pay income tax.
This all seems a bit tit for tat.
The OP was questioning why they were no better off.
My wife was semi retired for several years and even when she was getting her state pension she was paying 40% tax.
What is the point?0 -
If you have the right types of income and a spouse who has applied for Marriage Allowance you can have taxable income of £22,450 at the moment with absolutely no income tax to pay 😄eastcorkram said:
So, are you living on less than £13k a year?XzavierWalnut said:
Agree, but I retired at 59 earlier this year, after working since I was 16, and have no plans to pay anymore income tax.dunstonh said:
Better to earn enough to pay tax than earn less and pay no tax.XzavierWalnut said:WOW, I'm astounded.
Did not realise how keen folks are to pay income tax.
This all seems a bit tit for tat.
The OP was questioning why they were no better off.
My wife was semi retired for several years and even when she was getting her state pension she was paying 40% tax.
What is the point?1 -
dunstonh said:
Better to earn enough to pay tax than earn less and pay no tax.XzavierWalnut said:WOW, I'm astounded.
Did not realise how keen folks are to pay income tax.Exactly this.Earning enough to pay income tax means you're earning enough to pay income taxN. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Ripple Kirk Hill Coop member.Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!
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