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Tax Return Help
Jammy2611
Posts: 3 Newbie
Hi guys,
After abit of guidance for my tax return if possible, as I am abit lost.
In 2016/17 year, I was paying into my companies pension (AEGON), which was £80 a month. Since that time, I left the company and set up on my own as a sole trader.
I am in the process of filling in my tax return, and one of the pages asks if I received a UK State pension for 2016/17. Do I need to tick "yes" or "no" for this? As it was all through my employer at the time, I assume I don't have to pay any tax on this but could be wrong?
Just to cover all basis, I requested a statement for 2016/17 from my pension provider (AEGON), and for 2016/17, I paid £847.64, which is the gross contribution.
Any advice appreciated guys, if you need any more info please let me know as I might not have explained it well.
Thanks.
James
After abit of guidance for my tax return if possible, as I am abit lost.
In 2016/17 year, I was paying into my companies pension (AEGON), which was £80 a month. Since that time, I left the company and set up on my own as a sole trader.
I am in the process of filling in my tax return, and one of the pages asks if I received a UK State pension for 2016/17. Do I need to tick "yes" or "no" for this? As it was all through my employer at the time, I assume I don't have to pay any tax on this but could be wrong?
Just to cover all basis, I requested a statement for 2016/17 from my pension provider (AEGON), and for 2016/17, I paid £847.64, which is the gross contribution.
Any advice appreciated guys, if you need any more info please let me know as I might not have explained it well.
Thanks.
James
0
Comments
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In 2016/17 year, I was paying into my companies pension (AEGON), which was £80 a month. Since that time, I left the company and set up on my own as a sole trader.
I am in the process of filling in my tax return, and one of the pages asks if I received a UK State pension for 2016/17. Do I need to tick "yes" or "no" for this? As it was all through my employer at the time, I assume I don't have to pay any tax on this.
you didn't receive any - you contributed - so tick No unless you have actually started receiving income from your pension alongside your new businessI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
That's great, thanks Mally.0
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Sorry, one other thing if possible, I received a lump sum from my employer for the days that I did work in the month before I resigned, would I enter this into the "Redundancy and other lump sum and compensation payment" box under "Other UK Income?" Or would it need to be go under a different one?0
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That sounds more like pay (either normal because you worked for it, or in lieu of notice if you didn't,) not redundancy - especially since you say you left the company, not that they made you redundant.
Especially if you paid tax and national insurance on it.
Redundancy isn't taxed for the first £30K, e.g.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0
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