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TFLS - Self Assessment



Comments
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Commencing a pension will not mean you need to SA. Why do you think it would? As far as the taxman is concerned a pension is just another PAYE income stream and the TFLS is of no interest to them.
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tony4147 said:I’m thInking of taking some of my TFLS whilst I’m still working, will this trigger me having to do a self assessment? Currently I don’t do one0
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Dazed_and_C0nfused said:tony4147 said:I’m thInking of taking some of my TFLS whilst I’m still working, will this trigger me having to do a self assessment? Currently I don’t do one
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tony4147 said:Dazed_and_C0nfused said:tony4147 said:I’m thInking of taking some of my TFLS whilst I’m still working, will this trigger me having to do a self assessment? Currently I don’t do one
But I have never heard of pension companies telling HMRC about TFLS causing any issues with it being mixed up as taxable income.
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tony4147 said:Dazed_and_C0nfused said:tony4147 said:I’m thInking of taking some of my TFLS whilst I’m still working, will this trigger me having to do a self assessment? Currently I don’t do one1
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What exactly do you mean when you say "part" of your TFLS?
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molerat said:Commencing a pension will not mean you need to SA. Why do you think it would? As far as the taxman is concerned a pension is just another PAYE income stream and the TFLS is of no interest to them.Dazed_and_C0nfused said:tony4147 said:I’m thInking of taking some of my TFLS whilst I’m still working, will this trigger me having to do a self assessment? Currently I don’t do onexylophone said:What exactly do you mean when you say "part" of your TFLS?Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!6
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I haven’t touched my pension since I started it, I have approx £120k that can be withdrawn as a TFLS, I’m thinking of withdrawing maybe £10-20k
You have a Defined Contribution Pension currently valued at £480,000? It has no "safeguarded benefits", for example a Guaranteed Annuity Rate?
You indicate that you have not yet accessed this pension.
It is not the workplace pension to which you are currently contributing?
Before you access the pension, it would be a good idea to have an interview with Pension Wise.
Are you intending to take a UFPLS?
Are you aware of Money Purchase Annual Allowance?
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xylophone said:I haven’t touched my pension since I started it, I have approx £120k that can be withdrawn as a TFLS, I’m thinking of withdrawing maybe £10-20k
You have a Defined Contribution Pension currently valued at £480,000? It has no "safeguarded benefits", for example a Guaranteed Annuity Rate?
You indicate that you have not yet accessed this pension.
It is not the workplace pension to which you are currently contributing?
Before you access the pension, it would be a good idea to have an interview with Pension Wise.
Are you intending to take a UFPLS?
Are you aware of Money Purchase Annual Allowance?
I'm asking a simple question that no one seems to be able to answer.
Yes my pot is £480k, there is no GAR, yes I know about MPAA. I’m 61 and will continue to work another 4 years and contribute £40k / yr into my SIPP.
So currently as my pension stands £120k can be taken as a TFLS, I would like to withdraw a small part of that, but what I don’t know is the mechanics of doing it, will my SIPP provider inform HMRC? Will I be put onto an emergency tax code? Will I have to complete a self assessment or some other form to reclaim tax if HMRC were to tax me?0
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