working whilst geting a pension

[dogtired]

I had my big 60 last August but could not get my state pension until this month.
I also get a small (monthly) NHS pension, the two combined are livable with but what can I earn on top?
I have two different figures and in this currant financial climate need a bit extra if only to stop the vultures landing!
I signe on last year but my contibution based stopped in October and because the other half works more than 30 hours could not get income based (yep called income but isnt!)
Thanks in advace:beagle:

[Turboman]

Re: working whilst geting a pension

You can earn up to the value on your Tax Coding Notice--usually £6,745 per year---after that you will pay tax on 20%--

This £6,745 includes both your pensions + extra earnings

So---£6745 divided by 52 =£129 pw before you pay tax

I think I'm right --will get Tuttsi to check for me

[TUTTSI]

Re: working whilst geting a pension

Oh dear.....

£6475 pa rising to £7475 from 6/4/2011.

therefore divided by 52 = £124.52 before tax.

Hope this helps...

You can earn up to the value on your Tax Coding Notice--usually £6,745 per year---after that you will pay tax on 20%--

This £6,745 includes both your pensions + extra earnings

So---£6745 divided by 52 =£129 pw before you pay tax

I think I'm right --will get Tuttsi to check for me

[Turboman]

Re: working whilst geting a pension

Sorry Dogtired---must get to specsavers----not only do I transpose 2010 allowance from £6475 to £6745----But I also lose my way re which tax year we are in----please accept my apologies---Christ--I'm under pressure for personal things---sympathy to those that do it for a living close to the deadline


2010-2011

• Aged-60-64- Basic personal allowance = £6,475 =£124.51 before 20% tax rate kicks in
• Aged-65-74- Basic personal allowance = £9,490 =£182.50 before 20% tax rate kicks in
• Aged-74 + - Basic personal allowance = £9,640 = £185.38 before 20% tax rate kicks in

2011-2012

• Aged-60-64- Basic personal allowance = £7,475 =£143.75 before 20% tax rate kicks in
• Aged-65-74- Basic personal allowance = £9,940 = £191.15 before20% tax rate kicks in
• Aged-74 + -- Basic personal allowance = £9,940 = £191.15 before20% tax rate kicks in

[dogtired]

Re: working whilst geting a pension

Thankyou both most helpful, as always
xx

[dogtired]

Re: working whilst geting a pension

Turbo/Tuttsi/anyone!
Can I indulge your advice again:
Got a letter from the tax man telling me that now I was getting State Pension I had used up all my yearly allwences and that i owed them money
Eventually got to speak to them as they still had me working at a place I have left and they , also they say they had not got the copy of the P45 from the job centre.
I had two shifts in August for which I had been paid but this was taxed as emergency (which I thought was more)
They say not to worry it will be "sorted" but I will still have to pay tax on the State pension , this, apprently wil be deducted from a very modest NHS pension:tinysmile_cry_t:
Is there any way I can get them to check again I have kept everything and apart from the job seekers was on emergency tax for much of the year

dogtiired
xx

[Turboman]

Re: working whilst geting a pension

Turbo/Tuttsi/anyone!
Can I indulge your advice again:
Got a letter from the tax man telling me that now I was getting State Pension I had used up all my yearly allwences and that i owed them money
Eventually got to speak to them as they still had me working at a place I have left and they , also they say they had not got the copy of the P45 from the job centre.
I had two shifts in August for which I had been paid but this was taxed as emergency (which I thought was more)
They say not to worry it will be "sorted" but I will still have to pay tax on the State pension , this, apprently wil be deducted from a very modest NHS pension:tinysmile_cry_t:
Is there any way I can get them to check again I have kept everything and apart from the job seekers was on emergency tax for much of the year

dogtiired
xx

Hi --- hang on

Tuttsi (or Mr Tuttsi) will be able to help later

[enaid]

Re: working whilst geting a pension

Turbo/Tuttsi/anyone!
Can I indulge your advice again:
Got a letter from the tax man telling me that now I was getting State Pension I had used up all my yearly allwences and that i owed them money
Eventually got to speak to them as they still had me working at a place I have left and they , also they say they had not got the copy of the P45 from the job centre.
I had two shifts in August for which I had been paid but this was taxed as emergency (which I thought was more)
They say not to worry it will be "sorted" but I will still have to pay tax on the State pension , this, apprently wil be deducted from a very modest NHS pension:tinysmile_cry_t:
Is there any way I can get them to check again I have kept everything and apart from the job seekers was on emergency tax for much of the year

dogtiired
xx

Emergency Tax as it is called is BR (Basic Rate) so thats 20% of what you earn with no allowance included so all though it is the same rate you pay it on the full lot.
They will need the p45 to see what you earned and you should have been given a copy when you left.

Here is a link to get a bsic tax check HM Revenue Customs: Tax checker

If you put your info in at least you will have a rough idea what you should or should not be paying and then when you get intouch again with the tax office you will have an idea what they are talking about, hope this helps.
Enaid x

[dogtired]

Re: working whilst geting a pension

Thank you, very helpful.
It would appear that they are taking my state pension into account but I did not start getting it until last week (age chages for us ladies!)
There is nothing so sure in life as (quote) " Death and Taxes"
:tinysmile_kiss_t4:

[TUTTSI]

Re: working whilst geting a pension

Hi DT

Sorry missed your post for help and I see the our Enaid has given you some advice on this already.

I have asked Mr T to give a more detailed explanation tomorrow about the pension and tax.

Unfortunately and I know for sure that tax is paid on the pension, they give you in one hand and take it away in the other - bizzare really.

Tuttsi x

[TUTTSI]

Re: working whilst geting a pension

Mr Tuttsi says...

"So that there is a starting point, dogtired should go back to HMRC and ask them to issue a tax return
which will need to be completed. Then once completed and submitted he can ask them to produce an
SA302 which shows calculations of tax due. it will also show Income from each source and tax due against
tax actually deducted.."

I hope this might help, but if not shout and I can ask him if you have further questions.

Tuttsi x