Retired with Side Hustle

BopBopWeed

Dazed_and_C0nfused said:

BopBopWeed said:

Well I did wonder though didn't want to have to register for Self-Assessment but if that's the way to go then that's it. It's some rental income (from renting out my drive), and artistic services (music/book sales). I pay tax on my occupational pension each month. If I register for Self-Assessment, then not sure what amount I put in for occupational pension - the full amount (which I've paid tax on PAYE each month) or the net amount. 

I don't understand my tax code - it's 194L M1?  will that be changed if I register for self-assessment?

Might be best if I ring HMRC I think.

You enter the taxable pension income which will be shown on your P60 (effectively the gross amount NOT the net amount).  You also include details of the tax already deducted so you get credit for that.

194L is the tax code, the L means you get the standard Personal Allowance and, with regard to a later post, do not have Marriage Allowance, either, as the applicant or recipient.

M1 means the tax code is being operated on a non-cumulative basis, which is quite normal for lots of people.

That's a relief about the M1 code - only when I googled what the tax code 194L M1 meant it said the M1 stood for Marriage 10% allowance. thank you so much for your advice about whaat to enter - the net amount, and to include details of tax already deducted. I'm still thinking I might get in touch with my old accountant anyway, but good to know these things, thank you so much, very grateful.

BopBopWeed

BopBopWeed said:

QrizB said:

No sure if the @LITRG rep gets onto the "Pensions" forum very often, but this sounds like a question for them.

https://www.litrg.org.uk/working/self-employment

Thank you I'll take a look.

This is a really useful website! Thank you so much, I will be exploring it today.

sheramber

BopBopWeed said:

Dazed_and_C0nfused said:

BopBopWeed said:

Well I did wonder though didn't want to have to register for Self-Assessment but if that's the way to go then that's it. It's some rental income (from renting out my drive), and artistic services (music/book sales). I pay tax on my occupational pension each month. If I register for Self-Assessment, then not sure what amount I put in for occupational pension - the full amount (which I've paid tax on PAYE each month) or the net amount. 

I don't understand my tax code - it's 194L M1?  will that be changed if I register for self-assessment?

Might be best if I ring HMRC I think.

You enter the taxable pension income which will be shown on your P60 (effectively the gross amount NOT the net amount).  You also include details of the tax already deducted so you get credit for that.

194L is the tax code, the L means you get the standard Personal Allowance and, with regard to a later post, do not have Marriage Allowance, either, as the applicant or recipient.

M1 means the tax code is being operated on a non-cumulative basis, which is quite normal for lots of people.

That's a relief about the M1 code - only when I googled what the tax code 194L M1 meant it said the M1 stood for Marriage 10% allowance. thank you so much for your advice about whaat to enter - the net amount, and to include details of tax already deducted. I'm still thinking I might get in touch with my old accountant anyway, but good to know these things, thank you so much, very grateful.

Not the net amount, the gross amount before tax is deducted. 

BopBopWeed

sheramber said:

BopBopWeed said:

Dazed_and_C0nfused said:

BopBopWeed said:

Well I did wonder though didn't want to have to register for Self-Assessment but if that's the way to go then that's it. It's some rental income (from renting out my drive), and artistic services (music/book sales). I pay tax on my occupational pension each month. If I register for Self-Assessment, then not sure what amount I put in for occupational pension - the full amount (which I've paid tax on PAYE each month) or the net amount. 

I don't understand my tax code - it's 194L M1?  will that be changed if I register for self-assessment?

Might be best if I ring HMRC I think.

You enter the taxable pension income which will be shown on your P60 (effectively the gross amount NOT the net amount).  You also include details of the tax already deducted so you get credit for that.

194L is the tax code, the L means you get the standard Personal Allowance and, with regard to a later post, do not have Marriage Allowance, either, as the applicant or recipient.

M1 means the tax code is being operated on a non-cumulative basis, which is quite normal for lots of people.

That's a relief about the M1 code - only when I googled what the tax code 194L M1 meant it said the M1 stood for Marriage 10% allowance. thank you so much for your advice about whaat to enter - the net amount, and to include details of tax already deducted. I'm still thinking I might get in touch with my old accountant anyway, but good to know these things, thank you so much, very grateful.

Not the net amount, the gross amount before tax is deducted. 

Sorry, my bad. It's a Civil Service pension and the new Capita website "members portal" has been a nightmare, but my pension payment is same each month so I should be able to work it out myself anyway.  It seems to be Capita that added the M1 to my code. It wasn't there before!

sheramber

BopBopWeed said:

sheramber said:

BopBopWeed said:

Dazed_and_C0nfused said:

BopBopWeed said:

Well I did wonder though didn't want to have to register for Self-Assessment but if that's the way to go then that's it. It's some rental income (from renting out my drive), and artistic services (music/book sales). I pay tax on my occupational pension each month. If I register for Self-Assessment, then not sure what amount I put in for occupational pension - the full amount (which I've paid tax on PAYE each month) or the net amount. 

I don't understand my tax code - it's 194L M1?  will that be changed if I register for self-assessment?

Might be best if I ring HMRC I think.

You enter the taxable pension income which will be shown on your P60 (effectively the gross amount NOT the net amount).  You also include details of the tax already deducted so you get credit for that.

194L is the tax code, the L means you get the standard Personal Allowance and, with regard to a later post, do not have Marriage Allowance, either, as the applicant or recipient.

M1 means the tax code is being operated on a non-cumulative basis, which is quite normal for lots of people.

That's a relief about the M1 code - only when I googled what the tax code 194L M1 meant it said the M1 stood for Marriage 10% allowance. thank you so much for your advice about whaat to enter - the net amount, and to include details of tax already deducted. I'm still thinking I might get in touch with my old accountant anyway, but good to know these things, thank you so much, very grateful.

Not the net amount, the gross amount before tax is deducted. 

Sorry, my bad. It's a Civil Service pension and the new Capita website "members portal" has been a nightmare, but my pension payment is same each month so I should be able to work it out myself anyway.  It seems to be Capita that added the M1 to my code. It wasn't there before!

If you are talking about 25/26 then you will get a form P)0 after 5 April, ( normally May)which will show your gross pension for the year and the amount of tax deducted.

If it for 24/25 then you should have received the P60  last May.