Do i need to declare this??
Discussion
Hi chaps looking for some advice as im not a powerfully built director.
I have a tax free Military pension which is paid monthly along with my wage. This month its bonus time and its looking good normally this is sorted by my work and taxed accordingly . But after lodging an appeal with the military my Pension has been changed and I will be getting a lump some from being underpaid for 3 years. Do I need to declare this?
With my annual salary and pension back pay and bonus I will be over the 40% bracket do I need to declare the extra im over? but will drop to just below it when the after this month? its looking like im going to be 35K over the 40% on my annual earnings what is meant to be tax free.
I have a tax free Military pension which is paid monthly along with my wage. This month its bonus time and its looking good normally this is sorted by my work and taxed accordingly . But after lodging an appeal with the military my Pension has been changed and I will be getting a lump some from being underpaid for 3 years. Do I need to declare this?
With my annual salary and pension back pay and bonus I will be over the 40% bracket do I need to declare the extra im over? but will drop to just below it when the after this month? its looking like im going to be 35K over the 40% on my annual earnings what is meant to be tax free.
Ive spoken to them this morning and they have said I will be taxed on my earnings including my pension above the 40%. Ive went back to them with a reply from the vets agency now and waiting on there take of it.
they were under the impression I would not be taxed as its my pension that takes me over not my earnings.
they were under the impression I would not be taxed as its my pension that takes me over not my earnings.
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