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Posted Sun, 29 Oct 2023 09:00:25 GMT by gbforum
Self employed and retired at the same time. I am self employed and due to retire shortly, do I stll need to to do a self assessment tax return. It Yes at what stage do I stop doing a self assessment tax return. I was lead to belive that some pensions you can get paid in full (ie not tax paid) by pension provider. Is that true. If it is true can this be offset against any losses on self employment. Like wise if I take 25% of pension as cash as tax free, and this is invested. Can any profits made be offset against any losses on self employment.
Posted Wed, 01 Nov 2023 10:39:52 GMT by HMRC Admin 19 Response
Hi,

You will need to complete a tax return up to the tax year that you finish self employment, if this is the only reason you complete a return.

Any pension you take will automatically be taxed, after any tax free lump sum.

Any losses you have from self employment and the set off against other income, depends on whether you are cash basis or traditional accounting. You can see guidance here:

HS227 Losses (2023)

Thank you.

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