UNEXPECTED TAX DEMAND FROM HMRC SHOCKS UK PENSIONERS
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- Опубликовано: 14 окт 2024
- UK pensioners have been left stunned by unexpected tax demands from HMRC. Many seniors, already managing their fixed incomes, are now facing additional financial pressure as they are asked to pay backdated taxes. Find out why this is happening, how it affects pensioners, and what steps can be taken to resolve the issue. #HMRCShock #TaxDemand #UKPensioners #UnexpectedTax #HMRCUpdate #PensionTax #FinancialShock #BackdatedTaxes #HMRCNews #UKTaxation #SeniorCitizens #PensionersRights #TaxRelief #PensionTaxDemand #TaxAdvice #FinancialBurden #HMRC2024 #TaxHelp #PensionTaxShock #UKRetirement
State Pension is not a 'Benefit' -- it is something people contribute to all their working life and the amount receives depends on their payments in. Tax has always been assessed and deducted where appropriate.
Got to keep paying for the immigrants! What would they say if they did'nt get all the benefits they expected. How many pensioners need to pay tax for just one free house for an immigrant. Let's say £300,000 in the south (minimum) I reckon that equates to 500 pensioners' tax bills. Really great to know their life's savings are being strippedf from them to house some scrounging foreigner who nas never paid a penny, never worked a day and probably never will.
I pay tax on all my private pensions if i owe the hmrc money i sure as hell would like to know why
They owe me 13 years overpaid
Why is the woman with glasses smiling? IS she happy to pay tax?
You can’t get in touch with them 5hey don’t answer the phone or ring you back they don’t answer letters there is no way to ask them to review your tax. I’ve spent 8 months trying to ask why I owed some money they eventually said it was a student loan I’m 71 and never been a student. In the end had to debt an accountant to sort it out. It nearly gave me a breakdown as they were charging I’m fines.
HMRC are advised of interest on savings, advised of additional pensions and know how much state pension you receive. This has always been the case and they set your code accordingly. If there’s an error in your code they will collect the amount by revising your future code. This is scaremongering.
Yes exactly and it’s not true that they don’t collect tax on the state pension, they do, there just isn’t any as it’s lower than the personal allowance (at the moment) and the tax rules say that it is presumed the state pension is the primary income I.e. is the first thing to be counted against your allowance so they never have to issue paperwork from the HMRC about that
The problem is that some people don't have any other taxable income stream, then there is nothing to apply the PAYE code to. In this case, HMRC simply sends out a bill.
@@roberthuntley1090 but the point is if you only receive the basic state pension (even the new state pension) it currently falls below the personal allowance threshold and if there is no other taxable income then HMRC will not issue a bill as nothing is due. The bills that this clip refers to are for those who failed to declare additional income … in which case they should rightly be paying tax on it.
@gwynethgrove772 You aren't getting to the crux of the matter the personal allowancebis far too low the fiscal drag introduced by the Cinservative crooks should be reversed and the personal allowance raised in line with average earnings that would take a lot of low paid and pensioners out of the tax system entirely.
@@anthonybrown4874 I agree it is too low but that’s irrelevant in terms of what the Utube item is talking about. The personal allowance should be higher to allow pensioners a little extra and low paid workers too. But it also gives the same leeway to everyone else too and at the moment the government can’t afford to loose any more revenue.
£972 My Father Has Just Been Taxed
If your investments include income from ISAs that income is not liable for tax. At least, not at the moment.
I am on a state pension. I have paid tax for the last three years. No other income.
You need to explain this - nobody pays tax on the basic pension, there’s not even a mechanism to do it and the basic and new state pensions are still less than the personal tax allowance. Perhaps you are also in receipt of the additional State Earnings Related Pension in which case you may well have to paying some tax on that. Either explain your statement or accept you you have tried to mislead people
@iambarks2814 I don't know how my state pension amount is arrived at. But it's currently £318 weekly.
75 years old and had never been out of work,
@@melvynjollysmith4997 looks like you have a SERPS element you paid into at some point in your working life
Because of this amount of ignorance of our tax and pension systems I strongly suspect that this site is a foreign bot farm, is it Russia, Iran or North Korean?
I pay tax on my private pensions which total £6000 per year out of the total amount i pay about £770 in tax which equivalent to one of my pension for a whole years payment of pension so one pension i dont get
@@kevinmartin3859 I am on a lot more than you and have been for 15 years I do not pay that much in tax, why do you?
Finally got here been warning for months 80now l realised in April new code small company pension1000 tax but my query if only state pen many over tax way way too low for young and old raise to 18000 take people out of claiming and stress set ceiling for winter fuel higher level some might not want it many do
Why lie? A pensioner whose main income is the state pension will not receive a tax bill because the state pension is below the tax threshold.
I have three pensions I will not receive a tax bill because all pensions are taxed PAYE. If the government want to tax us more they will lower our tax code they WILL NOT SEND A TAX BILL.
JUST HOW IGNORANT ARE YOU?
You are wrong. I only get state pension. Graduated, SERPs, second state pension. I 0:46 have not paid tax for 12 years. The last two increases have now put me over the threshold. So I got a tax demand for £255. Then they take my winter fuel payment away, so I’m down £455. Let’s see what else they can find to collect. 0:46
@@deryckhampshire1608 you did not get a tax demand they lowered your tax free threshold.
Yes you have lost £200 winter fuel payment for which I am sad, I have lost mine but I can afford it.
@@johnbecaus8324 No they have not lowered it, it has been £12570 for some years now. So my state pension has gone above that. So I do not qualify for pension credit either.
This is normally done through an amended tax code.
However if you had a large amount of savings income, dividends or capital gains for instance you may not have PAYE income to deduct from.
So in this instance they would have to ask for a payment direct.
So you are correct that it is not usual but it can happen.
It is NOT a benefit you have to pay 37 years of contributions at the present time they owe me about 8 years of over payments for the contributions
Actually state pension is a Benefit as another Labour mess from 1948. State pension is NOT a right that you have paid into as it is paid out of current taxes. So if Sir Sausage wants to they can stop paying it ! NI is a tax therefore if paid in for more than 30 years , in my view an "overpayment" is NOT due back to you ! I am unsure if this is another US AI junk site , however most appears to be correct and I suspect the bills are going to those with interest income as since 2016 paid gross and not taxed at source who have failed to act.
I think it was changed to a benefit in 2013 by George Osbourne
@@kevinwestk7958 who are you Kevin? You have to pay for 50 years to get full state pension.
Why don’t you know this?
WHY YOU SO SUPRISED, YOUR PENSION MAKES INTEREST SI THEY TAX IT ON THAT,ITS NOT RIGHT BUTS LIFE
Thank you I was not aware it was by 2013 change * , but state pension has always been paid from current income so comment about makes interest is incorrect , if I follow the gist of it. I think this applies to most countries state pensions and in my view hidden debit * Having now Google searched it , was set up in the NI act 1946 as a benefit.