Informing The Taxman

[fairfax]

i have just retired,please can anyone tell me, do i or my ex employer have to inform the taxman? my state pension and a small private pension do not take me into the tax paying bracket so how will my private pension provider know that i no longer have to pay tax? i am 69 .

[boxtops]

I'd tell them myself (I will when the time comes) - you want to be sure your tax is right, and the taxman will then send a new notice to your private pension provider.

Make sure your employer sends back to you any exemption certificate you had for not having to pay NI, too - you never know when you might do a bit of work again, and need that certificate.

[factor-fiction]

You will get or will have had a P45. I'd let HMRC know so they can sort your code out
Do you already pay tax on your private pension? If not then nothing will change- you'll get them gross. If you do, HMRC can sort out a new code for your private pension provider. No tax is deducted at source anyway on state pensionsYou'll get a tax code and a p60 each year.

[fairfax]

thanks for that. made 4 phone calls to tax office each e 15 mins long and still never got through to a human being!!!

[Tilly2]

Yes, ringing the tax office is like ringing The Marie Celeste. They are quite helpful, though, if you do get through

[factor-fiction]

Yes, it's far quicker and cheaper to write to them- send them an official copy of your P45 plus details of your P60 from your private pension. If they need more info they'll ring or write.
But as I said, if you don't have tax deducted from your private pension already then there is no urgency as you'll continue to get it gross

[fairfax]

many thanks to all . rang tax office 8 am. got through right away,very helpful all now sorted.

[bob561941]

there wasn't a telephone on the marie celeste