Income tax on UK work pension
#1
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Joined: Feb 2024
Location: Calgary
Posts: 2
Income tax on UK work pension
I started receiving UK work pension last year with a lump sum and now monthly payments and I am wondering if there are any tax benefits that could be claimed to reduce tax owed on this, so is it worth getting an accountant/tax specialist to do my taxes or is there no financial benefit to doing this and I do my own taxes as usual, what's other peoples experiences?
#2
Forum Regular
Joined: Mar 2023
Posts: 50
Re: Income tax on UK work pension
I started receiving UK work pension last year with a lump sum and now monthly payments and I am wondering if there are any tax benefits that could be claimed to reduce tax owed on this, so is it worth getting an accountant/tax specialist to do my taxes or is there no financial benefit to doing this and I do my own taxes as usual, what's other peoples experiences?
#3
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Income tax on UK work pension
I started receiving UK work pension last year with a lump sum and now monthly payments and I am wondering if there are any tax benefits that could be claimed to reduce tax owed on this, so is it worth getting an accountant/tax specialist to do my taxes or is there no financial benefit to doing this and I do my own taxes as usual, what's other peoples experiences?
#5
Re: Income tax on UK work pension
I started receiving UK work pension last year with a lump sum and now monthly payments and I am wondering if there are any tax benefits that could be claimed to reduce tax owed on this, so is it worth getting an accountant/tax specialist to do my taxes or is there no financial benefit to doing this and I do my own taxes as usual, what's other peoples experiences?
But then looking at the previous year's tax return, it's already accounted for and doesn't need claiming as such. I was already entering income details for an oversees pension so it includes that $2000 in the calculation, just as it includes the age tax credit.