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spitfire
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spitfire is offline
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04-04-2019, 05:08 PM
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Tax Year

Last day of the Tax Year tomorrow so, started working through some figures, one thing has slightly surprised me, the business mileage allowance is £0.45p per mile, very generous on the face of it, but, in my case, when applied, it is actually worth £0.14p per mile, also, folks are aware of the yearly hike in the Tax personal allowance, they are not so aware of the impact of the NI increases, in fairness they were held at 9% above the threshold for at least five years, but for 2018/2019 was raised to 12%, writing off any benefit of the Tax Threshold increase.
Uncle Joe
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04-04-2019, 05:27 PM
2

Re: Tax Year

Originally Posted by spitfire ->
Last day of the Tax Year tomorrow so, started working through some figures, one thing has slightly surprised me, the business mileage allowance is £0.45p per mile, very generous on the face of it, but, in my case, when applied, it is actually worth £0.14p per mile, also, folks are aware of the yearly hike in the Tax personal allowance, they are not so aware of the impact of the NI increases, in fairness they were held at 9% above the threshold for at least five years, but for 2018/2019 was raised to 12%, writing off any benefit of the Tax Threshold increase.

Don't have to bother with any of this, my pension income falls well below the tax free allowance, so I don't even have to complete a tax form.
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susan m
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DORSET UK
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04-04-2019, 05:47 PM
3

Re: Tax Year

I dont have the worry of tax forms i just have my state pension but if i can ask a question of the forum

Those who have a state pension and private pension that takes you over the personal tax limit , do you have to fill out tax returns each year , if so seems a lot of work and worry .
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Jazzi
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Lowestoft
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04-04-2019, 06:00 PM
4

Re: Tax Year

Originally Posted by susan m ->
I dont have the worry of tax forms i just have my state pension but if i can ask a question of the forum

Those who have a state pension and private pension that takes you over the personal tax limit , do you have to fill out tax returns each year , if so seems a lot of work and worry .
No I never fill out forms, and I have two occy pensions on top of the SP, and one small lump sum in October. All tax calculated by the HMRC. I’m not happy that my monthly pension payments are eaten up by tax, but what can you do?
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04-04-2019, 06:15 PM
5

Re: Tax Year

Originally Posted by susan m ->
I dont have the worry of tax forms i just have my state pension but if i can ask a question of the forum

Those who have a state pension and private pension that takes you over the personal tax limit , do you have to fill out tax returns each year , if so seems a lot of work and worry .
Yes Mr M has a private pension and it is a pain.
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susan m
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DORSET UK
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04-04-2019, 08:46 PM
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Re: Tax Year

Jazzi , so you dont fill out hmrc tax returns as they do it for you , and Muddy , you have to fill out hmrc forms , it all sounds confusing. I expect some people with very large incomes have to have accountants to pay for the work .

All seems a worry and i would so begrudge giving even more tax out of hard earned pensions
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North of the South UK
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04-04-2019, 09:08 PM
7

Re: Tax Year

Originally Posted by susan m ->
I dont have the worry of tax forms i just have my state pension but if i can ask a question of the forum

Those who have a state pension and private pension that takes you over the personal tax limit , do you have to fill out tax returns each year , if so seems a lot of work and worry .
I'm slightly over the personal tax limit.
I've just looked at my Annual Tax Summary for 2017-2018. As I've got a small private pension along with my state pension. I'm taxed. I paid £68.60.

I don't have to fill in a tax return.
spitfire
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04-04-2019, 09:18 PM
8

Re: Tax Year

The return isn't the problem, it's maintaining spreadsheets at 6.30am that is.
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04-04-2019, 09:51 PM
9

Re: Tax Year

Originally Posted by spitfire ->
The return isn't the problem, it's maintaining spreadsheets at 6.30am that is.

Copy and paste them into a separate file so that you can return to it either later that morning or some other more suitable time - simple !!!
spitfire
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04-04-2019, 10:00 PM
10

Re: Tax Year

UJ, simple has no place in a regime.
 
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