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  • FIRST POST
    • cromercrab
    • By cromercrab 17th Apr 18, 2:09 PM
    • 5Posts
    • 0Thanks
    cromercrab
    Help on Self assessment and drawdown
    • #1
    • 17th Apr 18, 2:09 PM
    Help on Self assessment and drawdown 17th Apr 18 at 2:09 PM
    Hi Folks,

    Filling in my self assessment online as usual but last year I took a drawdown payment from my private pension of 20k. Where do I declare the drawdown on the online system? I had to go online to claim back the additional tax as the Pension company treated the payment with an emergency tax code. I have this all in writing from HMRC.
    In their calculation they have used the 11.5k tax allowance for this year.

    But I also have work income to declare, around 2.4k I cannot see any section to declare the Pension income and tax paid so that it works out correctly on the final figure.

    Hope this makes sense.

    Best
Page 1
    • MichelleUK
    • By MichelleUK 17th Apr 18, 2:55 PM
    • 349 Posts
    • 219 Thanks
    MichelleUK
    • #2
    • 17th Apr 18, 2:55 PM
    • #2
    • 17th Apr 18, 2:55 PM
    Hi Folks,

    Filling in my self assessment online as usual but last year I took a drawdown payment from my private pension of 20k. Where do I declare the drawdown on the online system? I had to go online to claim back the additional tax as the Pension company treated the payment with an emergency tax code. I have this all in writing from HMRC.
    In their calculation they have used the 11.5k tax allowance for this year.

    But I also have work income to declare, around 2.4k I cannot see any section to declare the Pension income and tax paid so that it works out correctly on the final figure.

    Hope this makes sense.

    Best
    Originally posted by cromercrab
    In 'Tailor your return' say 'yes' to:

    "Did you receive any UK pensions, annuities or state benefits, for example, state pension, occupational pension, retirement annuity, Incapacity Benefit?"

    and

    "Have you had any 2017-18 Income Tax refunded or off-set by us or JobCentre Plus?"

    This will then open up sections for you to complete the information. Once the tax return is complete, view the formatted copy of your tax return. The information for the pension should appear in boxes 11 & 12 of the 'Income' section and the refund should show in box 1 of the 'Finishing your tax return' section. Hopefully, it will have calculated everything correctly!
    • cromercrab
    • By cromercrab 17th Apr 18, 3:30 PM
    • 5 Posts
    • 0 Thanks
    cromercrab
    • #3
    • 17th Apr 18, 3:30 PM
    • #3
    • 17th Apr 18, 3:30 PM
    Your a star Michelle, many thanks.
    • Prism
    • By Prism 17th Apr 18, 3:36 PM
    • 335 Posts
    • 253 Thanks
    Prism
    • #4
    • 17th Apr 18, 3:36 PM
    • #4
    • 17th Apr 18, 3:36 PM
    What I want to know is why you are doing your self assessment in April when you can actually remember the details of your last years work, rather than about the 28th January next year when its all a bit fuzzy. You are taking all the fun out of it!
    • greenglide
    • By greenglide 17th Apr 18, 4:54 PM
    • 3,096 Posts
    • 2,015 Thanks
    greenglide
    • #5
    • 17th Apr 18, 4:54 PM
    • #5
    • 17th Apr 18, 4:54 PM
    To get a tax return earlier?

    The only time I have been keen to file a tax return early was when I was due a significant tax refund. Strangely this acted as a real incentive!
    • cromercrab
    • By cromercrab 17th Apr 18, 7:16 PM
    • 5 Posts
    • 0 Thanks
    cromercrab
    • #6
    • 17th Apr 18, 7:16 PM
    • #6
    • 17th Apr 18, 7:16 PM
    Yes. My pension provider uses an emergency tax code and pays HRMC direct. They will not pay the balance until you have settled all tax owing before I can go online and claim back the excess tax. Just about to take out some more beer vouchers.

    Or thats my understanding.

    Best
    Last edited by cromercrab; 17-04-2018 at 7:20 PM.
    • Dazed and confused
    • By Dazed and confused 17th Apr 18, 7:30 PM
    • 2,559 Posts
    • 1,229 Thanks
    Dazed and confused
    • #7
    • 17th Apr 18, 7:30 PM
    • #7
    • 17th Apr 18, 7:30 PM
    They will not pay the balance until you have settled all tax owing before I can go online and claim back the excess tax. Just about to take out some more beer vouchers.

    Who are "They"?

    I had to go online to claim back the additional tax as the Pension company treated the payment with an emergency tax code. I have this all in writing from HMRC.
    In their calculation they have used the 11.5k tax allowance for this year.


    If the refund you have already received was based on you receiving the full personal allowance and you now have 2.4k additional income to declare then won't you be more likely to owe several hundred pounds in tax rather than be due a further repayment?
    And if the refund you claimed during the year allowed you your full personal allowance
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