Your circumstances change as you retire, and so might your tax – fill your knowledge gaps with HMRC’s new website
The last thing you want to do is spend retirement worrying about your finances. Tax issues can feel especially daunting as you move into a new stage – as your circumstances change, so can your tax.
That’s why HMRC has created a new website called Tax Confident, so you can easily fill any gaps in your knowledge and get a better understanding of how tax works in retirement.
HMRC Tax Confident offers straightforward advice, support and information, using videos, articles and illustrations, with examples of different scenarios you might encounter, to help you feel more confident when it comes to understanding how your state pension and other pension income is taxed.
Whether you’ve already retired or you’re approaching that milestone and planning ahead for when it happens, Tax Confident is there for support.
Retirement is life-changing, and it’s likely to change the way you manage your money too.
Instead of one regular source of income from a job or your own business, you might find yourself getting money from a combination of places.
You could have income from a private pension alongside your state pension, be earning interest on your savings, or maybe still working part-time.
All of these factors will affect how you pay tax, but with Tax Confident, that needn’t be a worry.
The website also offers information on other life situations that might be relevant – such as being self-employed and wondering how your Self Assessment will change, or Inheritance Tax, what it could mean to your future finances and what you can do to make sure you’re prepared.
Tax Confident also offers a sensitive guide through the practicalities of losing a partner, taking away that added stress at what’s already a difficult time.
So whatever your circumstances, Tax Confident will help you understand the basics, without judgment or jargon, so you can get tax confident in your retirement.
