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Terry Carey
"Empiricist"

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Pension excitement

Quoting: john daly
Terry. Did you hear about Paddy who took himself and wife on a round the world tour?. He said it was ok. but next year they fancy going somewhere else... regards jd. ps. you dont look your age!!!!!.

Last edited by john daly

Wait until you see the photo of the painting in the attic. I keep thinking I must update my avatar so here’s what I look like on my latest bus pass picture taken last year.

TC.

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Once a Lancer, always a Lancer!

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08/12/2009 15:31:54

Graham Removed
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Quoting: Terry Carey

Wait until you see the photo of the painting in the attic. I keep thinking I must update my avatar so here’s what I look like on my latest bus pass picture taken last year.

TC.

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Terry you only need some numbers across the front of that picture

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08/12/2009 15:36:17

Carl Graffham
"Veni, vermini, vomui"

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Married persons allowance

Quoting: Richard Parr

Hi Walter.

You should get for 2009/10:

Personal Tax Allowance (Over 75) £9640
Married Couple Allowance (Over 75) £6965

(1) These allowances reduce where the income is above the income limit (£22 900) – by £1 for every £2 of income above the limit. However they will never be less than the basic Personal Allowance or minimum amount of Married Couple’s Allowance (£2670).

(2) Tax relief for the Married Couple’s allowance is given at the rate of 10 per cent.

You should get something!!

The married persons tax allowance looks good until you work out what the allowance actually is.

http://www.hmrc.gov.uk/incometax/married-allow.htm

I fear the geek, even though he comes bearing gifs.

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08/12/2009 20:29:20

Richard Removed
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Quoting: Carl Graffham

The married persons tax allowance looks good until you work out what the allowance actually is.

http://www.hmrc.gov.uk/incometax/married-allow.htm

Granted, Carl but like I said it depends on your income. If your income is less than £22900 you earn £16605 tax free.

Its knowing how to use the system to minimise the tax you have to pay. For example, if your spouse doesn’t have much income and doesn’t use all her allowance, there is scope to reduce what you have to pay as a couple.

DCLXVI

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08/12/2009 21:48:55

Carl Graffham
"Veni, vermini, vomui"

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Right

The one I like is the phrase "The state old age pension is tax free!"

When you delve into that statement you find that although you may not pay tax on your state pension, it does form part of your total income for tax allowances purposes.

What the government does is to make sure that the personal allowance is ALWAYS GREATER than your pension.

So they total your income/s and total all your allowances, and that means that your pensions, (which they always place first in the taxable income queue), falls within the allowances. So technically it is untaxed.

Now isn’t that great. Of course if they said that the OAP would not balance against allowances, that would make it really tax free, and we wouldn’t start paying tax until the total allowances had been offset against taxable income after the pension had been deducted.

It’s a wonderful world, ain’t it, when words can be so manipulated.

Carl

I fear the geek, even though he comes bearing gifs.

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08/12/2009 22:19:44

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