By really retire I mean start to collect my state pension so I don't have to work (for money) any more. I know that spare time becomes even more scarce because everyone (SWMBO, children, other retirees) thinks you have nothing to do so kindly offer to fill your time
It's a myth - the real reason that retired people are always busy is that they get up later, talk about everything for a lot longer, and take longer to do anything.By really retire I mean start to collect my state pension so I don't have to work (for money) any more. I know that spare time becomes even more scarce because everyone (SWMBO, children, other retirees) thinks you have nothing to do so kindly offer to fill your time
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That sounds like good advice Korm.
Or spend too long on railway forums...It's a myth - the real reason that retired people are always busy is that they get up later, talk about everything for a lot longer, and take longer to do anything.
How do I know ?
Not sure how much pension you are expecting to receive, and if you are still working you will pay tax on it.
I find that also be be a misunderstood fact. Of course there are many out there that only get the State Pension thus their income is below the current Tax threshold meaning no tax is paid. I am in a similar position to you Dave with the added complication of income from my Dad’s old house. Thus I need to do a Tax return and every year I have to make up a spread sheet of the 4 pensions that I have (2 of them silly low amounts) because I can never remember whether what is on the Statement is it all that I got, or before Tax? The Tax return (”which need not be taxing“ what a joke saying) is somewhat similar instead of saying things like ’earnings before tax’ or ‘earnings after tax’ has been deducted. But whoever expected civil servants to be helpful or even civil? But when you talk to the people at the factory floor as it were great and always helpful. Tis the guys atvthe top with 6 figure salaries that are the problem.
No, you can do two or more pensions on PAYE; the mighty HMRC computer can work it out eventually, and usually fairly smoothly if nothing changes in the tax year - it's when you get over the investment threshold on other investments that you get dragged into the murky world of tax returns.
I have my state pension, two other pensions and my part-time earnings, what they do (in my case) is lower your tax rate mine currently is 466L
Yep, it takes a lot of understanding because they persist in a backwards method of calculating. They'll have reduced your tax code so that your state pension is paid net, but the amount of the state pension has to go into the overall calculation of income.I have my state pension, two other pensions and my part-time earnings, what they do (in my case) is lower your tax rate mine currently is 466L
Yes, that's possible - I've never had to wean myself off self-assessment as I never went there. When I ran my own company, I paid myself as a salaried director under PAYE, which in the long run is a darn site easier.
