Income tax and NI question

yamahatdm900

yamahatdm900

Suspended / Banned
Messages
6,200
Name
Graham
Edit My Images
Yes
When im 60 Im planning to take flexible working at work, taking my pension and work 2 days a week.

I wanted to check my understanding of tax and NI is right,
while im working 2 days a week I pay income tax on my pension and tax and Ni on my earnings, I think that the NI allowance £155 per week goes against my earnings. That is my pension dosen't count at all towards this figure.

When I reach state pension age and presuming I stop working I just pay income tax on my pensions and no NI at all.

Many thanks
Graham
 
The amount of tax you pay depends on how much money you are making. without that variable it is impossible to provide an answer. But instead of putting that on a forum, I would advise to just get in contact with HMRC. Their advisers are friendly and knowledgeable on these matters.
 
dejongj said:
The amount of tax you pay depends on how much money you are making. without that variable it is impossible to provide an answer. But instead of putting that on a forum, I would advise to just get in contact with HMRC. Their advisers are friendly and knowledgeable on these matters.
Click to expand...
new2me said:
https://www.gov.uk/tax-national-insurance-after-state-pension-age/overview

When you reach State Pension age you no longer have to pay National Insurance.

You only pay Income Tax if your taxable income - including your private pension and State Pension - is more than your tax-free allowances (the amount of income you’re allowed before you pay tax).
Click to expand...
Llamaman said:
All 2 of them. :D
Click to expand...


thanks guys :-)
 
You must log in or register to reply here.
Back
Top