Tax after retirement??

ipri

Hi...I have had an accountant for 23 years but will be retiring ? next year.Our income will consist of monthly superannuation cheque + interest from savings/investments...mainly isas.Do I need to keep him on at some expense or can I deal with my tax form myself?We will probably have a small higher tax bracket liability.

Thanks Ian

whatatwit

Hi Ian, if your accountant still has some to do for you, have a chat and get him to ensure that everything is allocated to maximise both of your allowances and rate bands.
Then you can dispense of his services, you can always call in to your local tax office for help and advice....or post a question on here.
To benefit from the higher age related personal allowance, your total income does have to be below a certain figure (can't remember it off the top of my head). But you could have a browse through the HMRC site, where the allowances and rate bands are shown.

Happy retirement.

whatatwit

Thanks Margaretclare.....although the higher allowance is reduced by £1 for every £2 you are over the limit.....only back to basic allowance though.

All this talk of age related allowances reminds me...must do MIL's tax return for her....

jem16

As the OP mentions a higher rate tax liability it sounds more than likely that he will lose all the extra allowance and will just be on the basic allowance.

I suppose it depends on what he meant by "We will probably have a small higher tax bracket liability."

I should think an accountant would not be necessary as it sounds like the OP's tax affairs will be very straightforward. HMRC are very helpful and would go through anything that needs done with you.