Self Assessment
Discussion
Not one to get lost in my bereavement thread, but it appears I need to delve into self assessment for the first time next year, now that my late wife's life insurances and pensions have started paying out.
I am hoping it becomes self explanatory when I come to do it, otherwise I might have to source a SA Guy to do it for me. So while I get the ethos that I enter all that has been paid into my bank account, and enter the tax I have paid that is detailed on my P60, a conversation yesterday with the NHS Pension Team threw me a bit, and she could not rally give a satisfactory answer.
I get a life-long annual pension (paid monthly) off of my wife's NHS pension. My daughter gets a similar pension but hers is only till she reaches 23 years old. Trouble being, it appears tax is paid by the NHS based on a link between NHS and HMRS before the nett amount is paid to me and daughter monthly.
My question is, will the SA magically calculate this, because all the NHS can tell me is my yearly gross figure. They claim they cannot tell me the monthly payment as that might vary (their words). There is no detail of what is paid in tax - so do I simply need to add the payments in to the account, deduct that total from the yearly gross amount, and assume the balance is what I have paid in tax?
As I enter a new era for me I am a little nervous (and likely over thinking it) about getting it wrong.
Also, things like Bereavement Support Payments (lump sum and monthly), and life assurance payments, of which I have confirmation they are tax free... do I add these to the SA return and it does magic by recognising tax is not due?
Finally, I don't seem to be able to get a definite answer with what happens to my wife's state pension? Any clues?
Oh, and finally finally, when I do the SA, will I need to go back to the start of the financial year or do I start from when Lynn died (i.e. 4 Aug 25)? Am I needing to do a trawl of bank accounts to see what came in/out for the the first few months of the FY?
Easy answers please - I am a bit of a thick currently when it comes to this.
Thanks all!
I am hoping it becomes self explanatory when I come to do it, otherwise I might have to source a SA Guy to do it for me. So while I get the ethos that I enter all that has been paid into my bank account, and enter the tax I have paid that is detailed on my P60, a conversation yesterday with the NHS Pension Team threw me a bit, and she could not rally give a satisfactory answer.
I get a life-long annual pension (paid monthly) off of my wife's NHS pension. My daughter gets a similar pension but hers is only till she reaches 23 years old. Trouble being, it appears tax is paid by the NHS based on a link between NHS and HMRS before the nett amount is paid to me and daughter monthly.
My question is, will the SA magically calculate this, because all the NHS can tell me is my yearly gross figure. They claim they cannot tell me the monthly payment as that might vary (their words). There is no detail of what is paid in tax - so do I simply need to add the payments in to the account, deduct that total from the yearly gross amount, and assume the balance is what I have paid in tax?
As I enter a new era for me I am a little nervous (and likely over thinking it) about getting it wrong.
Also, things like Bereavement Support Payments (lump sum and monthly), and life assurance payments, of which I have confirmation they are tax free... do I add these to the SA return and it does magic by recognising tax is not due?
Finally, I don't seem to be able to get a definite answer with what happens to my wife's state pension? Any clues?
Oh, and finally finally, when I do the SA, will I need to go back to the start of the financial year or do I start from when Lynn died (i.e. 4 Aug 25)? Am I needing to do a trawl of bank accounts to see what came in/out for the the first few months of the FY?
Easy answers please - I am a bit of a thick currently when it comes to this.
Thanks all!
Hi, i can offer up an idea that made an absolutely huge difference for me and is almost guaranteed to take away the concerns.
HMRC have a service called the self assessment “extra support team” that I use every year. It is a service for those with a list of “conditions” (I use the term loosely) such as dyslexia, anxiety, there is a big list. I would suggest bereavement is a perfectly good reason to feel this process is challenging.
You can contact the team and book an appointment where they actually fill in the assessment for you- over the phone and sometimes in person.
I use it every year as I’m dyslexic and it means I can be sure there are no mistakes.
They will definitely offer this facility to you if you ask.
HMRC have a service called the self assessment “extra support team” that I use every year. It is a service for those with a list of “conditions” (I use the term loosely) such as dyslexia, anxiety, there is a big list. I would suggest bereavement is a perfectly good reason to feel this process is challenging.
You can contact the team and book an appointment where they actually fill in the assessment for you- over the phone and sometimes in person.
I use it every year as I’m dyslexic and it means I can be sure there are no mistakes.
They will definitely offer this facility to you if you ask.
Lincolnshire said:
Hi, i can offer up an idea that made an absolutely huge difference for me and is almost guaranteed to take away the concerns.
HMRC have a service called the self assessment extra support team that I use every year. It is a service for those with a list of conditions (I use the term loosely) such as dyslexia, anxiety, there is a big list. I would suggest bereavement is a perfectly good reason to feel this process is challenging.
You can contact the team and book an appointment where they actually fill in the assessment for you- over the phone and sometimes in person.
I use it every year as I m dyslexic and it means I can be sure there are no mistakes.
They will definitely offer this facility to you if you ask.
That is perfect - thank you!! HMRC have a service called the self assessment extra support team that I use every year. It is a service for those with a list of conditions (I use the term loosely) such as dyslexia, anxiety, there is a big list. I would suggest bereavement is a perfectly good reason to feel this process is challenging.
You can contact the team and book an appointment where they actually fill in the assessment for you- over the phone and sometimes in person.
I use it every year as I m dyslexic and it means I can be sure there are no mistakes.
They will definitely offer this facility to you if you ask.
MODS..... This site needs a facility to buy beer or something for awesome answers like this!No problems! If you google it up and then think you can book the appointment online or you can call them on the self assessment number and ask to have a call back with the extra support team. They are absolutely excellent and take their time on the calls. They then simply send the completed self assessment for you to sign, job done!
If you receive a pension in your own name from a former employer or a spouse's former employer, then it is part of your taxable income and will need to be included on a Self Assessment tax return along with your own salary and pension income.
You should receive the relevant P60 from all your pensions (including the one you inherited from your late wife).
Generally, pensions are covered by the PAYE system and if that was your only source of income, then there would be no need to complete a Self Assessment tax return.
However, certain ttypes of income - such as capital lump sum payments from a pension MIGHT be subject to Income Tax and MIGHT need to be returned on a Self Assessment tax return.
Also, if you have income from investments, such as interest on savings or dividends, they need to be included on a tax return too if they exceed their tax free limits (£1,000 in both cases).
You should receive the relevant P60 from all your pensions (including the one you inherited from your late wife).
Generally, pensions are covered by the PAYE system and if that was your only source of income, then there would be no need to complete a Self Assessment tax return.
However, certain ttypes of income - such as capital lump sum payments from a pension MIGHT be subject to Income Tax and MIGHT need to be returned on a Self Assessment tax return.
Also, if you have income from investments, such as interest on savings or dividends, they need to be included on a tax return too if they exceed their tax free limits (£1,000 in both cases).
mattyn1 said:
Lincolnshire said:
Hi, i can offer up an idea that made an absolutely huge difference for me and is almost guaranteed to take away the concerns.
HMRC have a service called the self assessment extra support team that I use every year. It is a service for those with a list of conditions (I use the term loosely) such as dyslexia, anxiety, there is a big list. I would suggest bereavement is a perfectly good reason to feel this process is challenging.
You can contact the team and book an appointment where they actually fill in the assessment for you- over the phone and sometimes in person.
I use it every year as I m dyslexic and it means I can be sure there are no mistakes.
They will definitely offer this facility to you if you ask.
That is perfect - thank you!! HMRC have a service called the self assessment extra support team that I use every year. It is a service for those with a list of conditions (I use the term loosely) such as dyslexia, anxiety, there is a big list. I would suggest bereavement is a perfectly good reason to feel this process is challenging.
You can contact the team and book an appointment where they actually fill in the assessment for you- over the phone and sometimes in person.
I use it every year as I m dyslexic and it means I can be sure there are no mistakes.
They will definitely offer this facility to you if you ask.
MODS..... This site needs a facility to buy beer or something for awesome answers like this!Yes there will be a cost ( probably circa £250 ) but would also give you even less stress hopefully.
Either way I hope it all goes smoothly for you.
Eric's info is spot on as usual so at the risk of repeating some things I'll add my post
I was in your place three years ago
Bereavement Support Payments (lump sum and monthly), and life assurance payments, of which I have confirmation they are tax free... do I add these to the SA return and it does magic by recognising tax is not due? ------- No, don't add them
I get a life-long annual pension (paid monthly) off of my wife's NHS pension. My daughter gets a similar pension but hers is only till she reaches 23 years old. Trouble being, it appears tax is paid by the NHS based on a link between NHS and HMRS before the nett amount is paid to me and daughter monthly. My question is will the SA magically calculate this, because all the NHS can tell me is my yearly gross figure. They claim they cannot tell me the monthly payment as that might vary (their words). There is no detail of what is paid in tax - so do I simply need to add the payments in to the account, deduct that total from the yearly gross amount, and assume the balance is what I have paid in tax? ------ I get payslips that show the usual gross and net figures etc, I imagine you will get the same. You might find that you will start on emergency tax codes at first but it will sort itself out and doing SA will help with this
Finally, I don't seem to be able to get a definite answer with what happens to my wife's state pension? ------ Lost, I'm afraid
Oh, and finally finally, when I do the SA, will I need to go back to the start of the financial year or do I start from when Lynn died (i.e. 4 Aug 25)? Am I needing to do a trawl of bank accounts to see what came in/out for the the first few months of the FY?------ SA runs for the full financial year. I don't believe your wife's finances will impact yours, although I didn't have to deal with this as my wife had no relevant earnings in the tax year
Hope this helps, shout if you need anthing else
I was in your place three years ago
Bereavement Support Payments (lump sum and monthly), and life assurance payments, of which I have confirmation they are tax free... do I add these to the SA return and it does magic by recognising tax is not due? ------- No, don't add them
I get a life-long annual pension (paid monthly) off of my wife's NHS pension. My daughter gets a similar pension but hers is only till she reaches 23 years old. Trouble being, it appears tax is paid by the NHS based on a link between NHS and HMRS before the nett amount is paid to me and daughter monthly. My question is will the SA magically calculate this, because all the NHS can tell me is my yearly gross figure. They claim they cannot tell me the monthly payment as that might vary (their words). There is no detail of what is paid in tax - so do I simply need to add the payments in to the account, deduct that total from the yearly gross amount, and assume the balance is what I have paid in tax? ------ I get payslips that show the usual gross and net figures etc, I imagine you will get the same. You might find that you will start on emergency tax codes at first but it will sort itself out and doing SA will help with this
Finally, I don't seem to be able to get a definite answer with what happens to my wife's state pension? ------ Lost, I'm afraid
Oh, and finally finally, when I do the SA, will I need to go back to the start of the financial year or do I start from when Lynn died (i.e. 4 Aug 25)? Am I needing to do a trawl of bank accounts to see what came in/out for the the first few months of the FY?------ SA runs for the full financial year. I don't believe your wife's finances will impact yours, although I didn't have to deal with this as my wife had no relevant earnings in the tax year
Hope this helps, shout if you need anthing else
mattyn1 said:
Thanks all. A lot clearer, hopefully they will
Send statements or letters with the detail on.
Will my daughter need to do the same for her child dependant pension payments? Her income will, for the next two years be under the tax threshold but after that, is likely to be over.
Probably won't need to do SA, but may have 20% tax deducted at source which she will be able to reclaim if under the threshold. My son did the same although his stopped at 18.Send statements or letters with the detail on.
Will my daughter need to do the same for her child dependant pension payments? Her income will, for the next two years be under the tax threshold but after that, is likely to be over.
Gassing Station | Finance | Top of Page | What's New | My Stuff