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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 7398
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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What is my tax code now I'm retired since 2016, No as I'm

Customer Question

What is my tax code now I'm retired since 2016
JA: Have you talked to a tax professional about this?
Customer: No as I'm only getting basic pension and the lowest amount of industrial injury I have a private pension which I put into a flexible drawdown account and only drawn 25%tax free at the moment but I'm hoping to make a withdrawal soon
JA: Anything else you want the Accountant to know before I connect you?
Customer: Noa
Submitted: 15 days ago.
Category: Tax
Expert:  taxadvisor.uk replied 15 days ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Expert:  taxadvisor.uk replied 15 days ago.

Thank you for question.

Your normal tax code would be 1250L giving you a standard personal allowance of £12,500. All Industrial Injuries Disablement Benefits, except Industrial Death Benefit, are tax free.

Although state pension is taxable but you get it gross and the amount is taken away from your tax free allowances to give you a tax code to be applied against privaate pension/other earnings.

Say for example your state pension is £9000 pa then your tax code would be 350L to cover unused allowance of (12,500-9,000) £3,500.

My aim is to give you a professional service. I hope this is helpful and answers your question.

If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Expert:  taxadvisor.uk replied 14 days ago.

Hi there

Just checking to see if you need me to clarify anything or if you have any additional questions - I am happy to help!

Many thanks