State pension warning: Thousands of pensioners face unexpected …

Nov 9, 2024 · Analysis shows the state pension will breach the current £12,570 tax-free allowance within three years, creating an unprecedented situation where pensioners must return some of their state pension to HMRC. The new state pension is projected to rise to at least £12,578 a …

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State Pension Warning: Thousands Of Pensioners Face Unexpected …

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HMRC Warning Issued To Pensioners Who May Face Unexpected Tax …

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Apr 18, 2024 · Pensioners have been told to double check if they could potentially owe tax to the HMRC due to state pension changes.. The state pension has risen to £11,502 a year from this …

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HMRC Tax Warning For State Pensioners As '£130 Will Be Taken From ...

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Nov 12, 2024 · The state pension will breach the current £12,570 tax-free allowance within three years, creating an unprecedented situation where pensioners must return some of their state …

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DWP: State Pension Warning As 400,000 Brits Face Unexpected …

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Apr 15, 2024 · Expert Andy Wood from Tax Natives has issued a warning, saying: "If your state pension is over £242 per week, you may face unexpected tax bills due to the frozen personal …

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State Pension Warning As 400k Brits Face Unexpected HMRC Bill

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Apr 12, 2024 · HMRC figures reveal a significant increase in the number of people aged 65 and over paying income tax, with numbers rising by 10% from 7.73 million in the 2022/23 tax year …

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State Pension Warning As 400,000 British People Face Unexpected …

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Apr 12, 2024 · State pension warning as 400,000 British people face unexpected HMRC bill The state pension has increased by 8.5% this month, but the change could push around 400,000 …

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Pension Warning As Millions Face HMRC Tax Bill They Did Not Know …

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Apr 17, 2024 · The number of pensioners liable for tax has doubled from 4.5million in 2010 to more than nine million. The state pension is rising to £11,502 a year from this month - just …

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DWP Warning As Pensioners Could Face Unexpected £130 Tax

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Nov 13, 2024 · From next year, thousands of pensioners could be hit with an unexpected tax bill from HMRC. Analysis reveals that the state pension will exceed the current £12,570 tax-free …

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HMRC Warning: £130 Deductions Leave State Pensioners …

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H er Majesty’s Revenue and Customs (HMRC) has issued a stark warning to state pensioners as many face unexpected deductions of over £130 from their monthly payments. These …

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HMRC Warning As Pensioners Earning Over £12,000 Could Pay …

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Nov 2, 2024 · Pensioners earning more than £12,000 a year have been cautioned that they may soon part with some of their income to HMRC. The alert comes in the wake of the Budget …

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Martin Lewis' HMRC Warning To 5.4m Brits Who Face £100 Fine

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3 days ago · To clarify: you complete your tax return for the previous tax year, meaning this month people should pay their tax return for the 2023-2024 tax year (April 6 - April 5).

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HMRC Issues Warning To Millions Whose Income Has 'jumped …

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1 day ago · HMRC has issued an urgent tax warning to millions earning £1,700 or more as a "significant" deadline is just weeks away. Almost 5.5 million people have yet to file their online …

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HMRC Says ‘it’s Important’ As Tax Warning Issued

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1 day ago · UK households could be hit with a £100 penalty. Households must file and pay their Self Assessment tax return before the deadline of January 31, 2025, or people risk being …

express.co.uk

FAQs about State pension warning: Thousands of pensioners face unexpected … Coupon?

Will HMRC hit pensioners with an unexpected tax bill?

From next year, thousands of pensioners could be hit with an unexpected tax bill from HMRC. Analysis indicates that the state pension will exceed the current £12,570 tax-free allowance within three years. ...

Will pensioners get a warning letter from HMRC?

Up to 400,000 pensioners are set to get warning letters from HMRC after a change this month means they will now have to pay a new bill. The warning comes after the state pension increased by 8.5 per cent at the start of April, and while this is good news for many it means that for some, there will be new bills to pay. ...

How does HMRC know if a pensioner has not paid tax?

Under this system, the Department for Work and Pensions (DWP) informs HMRC at the end of the tax year about the total amount of state pension received by individuals. If applicable, HMRC will contact the pensioner at the end of the tax year to inform them they have not paid the tax due on their state pension. ...

Are You at risk of an unexpected letter from HMRC?

“Many are now at risk of an unexpected letter from HMRC asking for tax they may not have realised was due. Any pensioner with a pension next year over £242 per week will have tax to pay, and if they do not have a private pension through which the tax can be collected, they may need to set some money aside for an unwelcome tax demand.” ...

Should a pension be set aside to pay for unexpected tax demands?

Hundreds of thousands of pensioners are being urged to consider setting aside some of their state pension to pay for unexpected tax demands. It comes as more pensioners are set to be dragged into the income tax net, due to large increases in the state pension and a continued freeze of income tax trhesholds. ...

When does HMRC notify a pensioner if a tax payment is due?

Subsequently, if a tax payment is due, HMRC will inform the pensioner after the tax year concludes that they have outstanding tax on their state pension. The pensioner is then obliged to settle the tax bill by January 31 of the following financial year. ...