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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4973
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I pay tax on my pension but as it is my only income I wonder

Resolved Question:

Hi I pay tax on my pension but as it is my only income I wonder if this is right? I was retired early on grounds of ill health.
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site.

Thank you for requesting that I help you with your question.

Pension is taxable income and is taxed at source.
The exception to this is payment of state pension which is paid gross (not taxed at source) but treated as taxable income.

If your pension is below your personal allowance, you should not have to pay any tax on it. You should check the tax code applied to this payment

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 2 years ago.

I thank you for your reply. Please tell me if I have signed up for a single payment of £36 or a monthly subscription?

Expert:  taxadvisor.uk replied 2 years ago.
Jackie, thank you for your reply.

You would have to check with Just Answer to ascertain what you have signed.

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