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archibaldo
Apprentice
Joined: 05 Jul 2007
Posts: 4
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 Posted: 08/08/09 - 10:41 Post subject: |
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| I have recently retired after several decades of working. I am on state pension and I have a question. I would like to know what kind of taxes, if any are paid on that kind of pension. Any help would really help me, as I really would not like to get in any kind in trouble over this. Thanks in advance. |
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duane
Apprentice
Joined: 21 Dec 2007
Posts: 6
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| Posted: 09/06/09 - 21:45 Post subject: |
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You are right that it is very important to manage your taxes. You can often get into very unpleasant situation if you miss paying some of the taxes. When it comes to state pensions, you should know it counts as a taxable income. However, that is not always the case. For example, if the pension is less than the tax allowances you have, you will be excluded from paying any taxes. However, if it is higher, you will have to pay. I suggest you see more about it at http://www.directgov.gov.uk/
en/MoneyTaxAndBenefits/Taxes/
TaxOnBenefitsPensionsAndMaintenance/DG_10027068 |
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