New Posts For Thread: any tax accountants here need advicehttps://community.betfair.com/chit_chat/go/thread/view/94038/30710531/any-tax-accountants-here-need-advicei will make it short.wife has a pension thats dormant and cannot be touched until 2021 she currently works p/time and is a non tax payer due to salary.if she took the money from the pension pot she would have to pay £3750.00 tax on it my question isJohnnys right they are charging you 20% on the 18750 taxable without taking account of your other earnings or tax free allowance. However assuming Johnnys figure of £6000 p/t wages you would then be able to claim back the £1000 overpaid at the endhttps://community.betfair.com/chit_chat/go/thread/view/94038/30710531/any-tax-accountants-here-need-advice?post_id=549278391#549278391Johnnys right they are charging you 20% on the 18750 taxable without taking account of your other earnings or tax free allowance. However assuming Johnnys figure of £6000 p/t wages you would then be able to claim back the £1000 overpaid at the endFri, 08 Jul 2016 17:19:16 -0500need Ken Dodd's doghttps://community.betfair.com/chit_chat/go/thread/view/94038/30710531/any-tax-accountants-here-need-advice?post_id=549278211#549278211need Ken Dodd's dogFri, 08 Jul 2016 16:43:10 -05002021 is touched date - no sooner..?isnt that what OP sayed?https://community.betfair.com/chit_chat/go/thread/view/94038/30710531/any-tax-accountants-here-need-advice?post_id=549278199#5492781992021 is touched date - no sooner..?isnt that what OP sayed?Fri, 08 Jul 2016 16:41:09 -0500Pension pot £25,000....P/T salary say £6,000.Tax Allowance £11,000...25% of pension is tax free, so £18,750 taxable...add salary...£24,750...deduct tax allowance ..£13,750 at 20% tax = £2750.Consider drawing pension in smaller slices over ahttps://community.betfair.com/chit_chat/go/thread/view/94038/30710531/any-tax-accountants-here-need-advice?post_id=549278051#549278051Pension pot £25,000....P/T salary say £6,000.Tax Allowance £11,000...25% of pension is tax free, so £18,750 taxable...add salary...£24,750...deduct tax allowance ..£13,750 at 20% tax = £2750.Consider drawing pension in smaller slices over aFri, 08 Jul 2016 16:13:46 -0500Thanks for replies, the pension is the full fund value and this is where we get the £3750 figure based on the final figure as she currently earns below the tax threshold, she is over 55. All she wants to do is reinvest the money somewhere else. Thehttps://community.betfair.com/chit_chat/go/thread/view/94038/30710531/any-tax-accountants-here-need-advice?post_id=549277059#549277059Thanks for replies, the pension is the full fund value and this is where we get the £3750 figure based on the final figure as she currently earns below the tax threshold, she is over 55. All she wants to do is reinvest the money somewhere else. TheFri, 08 Jul 2016 15:00:29 -0500Oh, and to answer your question - I assume that the pension tax is calculated on the assumption that she is a full rate taxpayer, so her wages will not be affected. In fact, I would expect you could end up with a tax refund for the tax paid on the pehttps://community.betfair.com/chit_chat/go/thread/view/94038/30710531/any-tax-accountants-here-need-advice?post_id=549235103#549235103Oh, and to answer your question - I assume that the pension tax is calculated on the assumption that she is a full rate taxpayer, so her wages will not be affected. In fact, I would expect you could end up with a tax refund for the tax paid on the peSun, 03 Jul 2016 16:06:19 -0500You need to give more details of exactly what the pension money is - is it a lump sum or is it a pension? Who told you about the tax due?Secondly, are you aware that if your wife earns below the tax threshold she can transfer a portion of that unusedhttps://community.betfair.com/chit_chat/go/thread/view/94038/30710531/any-tax-accountants-here-need-advice?post_id=549235081#549235081You need to give more details of exactly what the pension money is - is it a lump sum or is it a pension? Who told you about the tax due?Secondly, are you aware that if your wife earns below the tax threshold she can transfer a portion of that unusedSun, 03 Jul 2016 16:04:34 -0500.... if over 55https://community.betfair.com/chit_chat/go/thread/view/94038/30710531/any-tax-accountants-here-need-advice?post_id=549232719#549232719.... if over 55Sun, 03 Jul 2016 13:43:17 -0500She can take 25% of her pension tax free.,https://community.betfair.com/chit_chat/go/thread/view/94038/30710531/any-tax-accountants-here-need-advice?post_id=549232713#549232713She can take 25% of her pension tax free.,Sun, 03 Jul 2016 13:42:16 -0500pays tax on bothhttps://community.betfair.com/chit_chat/go/thread/view/94038/30710531/any-tax-accountants-here-need-advice?post_id=549232485#549232485pays tax on bothSun, 03 Jul 2016 13:17:58 -0500