Paul K
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RE: State Pension and Self Assessment
If possible, think HMRC will probably adjust your Tax Code to collect any tax due if it is only a small amount, and issue a Tax Calculation when all details of your income are available to them; so as you say just wait and see, I have know the wait to be November time. You might also find the following link helpful: https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return -
RE: State Pension and Self Assessment
Of course it would be really helpful if the DWP issue an annual P60 declaring what your taxable State Pension is for the year in question; indeed that is what my occupational pension provider does....actually printed on the back of the March pension payslip. PS Your link is really helpful maxb -
RE: State Pension and Self Assessment
Apologies for an error in my earlier post, the corrected version is: Maybe the easiest ( and quite possibly the correct ) thing to do is use the figure that HMRC show for State Pension in your Tax Code Notice. So an example for 23/24 would be a Tax Code Notice figure of 10581 ( which is used to determine the Tax Code for the year ) whereas the simple calculation of 13 X 814.40 ( the 23/24 4 weekly rate) is 10600.20. -
RE: State Pension and Self Assessment
Maybe the easiest ( and quite possibly the correct ) thing to do is use the figure that HMRC show for State Pension in your Tax Code Notice. So an example for 23/24 would be a Tax Code Notice figure of 10581 ( which is used to determine the Tax Code for the year ) whereas the simple calculation of 13 X 884.80 ( the current 4 weekly rate) is 11502.40.