Taxation at Retirement

If you think your tax situation will become easier when you retire you might want to think again. It is quite possible that your income will come from more than one source. Maybe a mix of part time employment, private and/or occupational pensions, the state pension, taxable benefits; not to mention interest from savings. Now try to work out what tax codes should operate on which income!

It is always wise to check the tax you pay during periods of change and to seek advice if you are unsure.

Remember State Pension is taxable, and nowadays retirement or reaching a certain age means little if any change in the amount of allownce you have before you are required to pay tax.

If you are a pensioner, or if you are approaching retirement, and on a low income the charity Tax Help for Older People can offer support and guidance to help you to understand the rules, check your tax codes and correspond with H M Revenue & Customs.

Call our help line on 08456013321 or 01308488066

Email on [email protected]