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Early Retirement/pensions

Discussion in 'Off-Topic Discussion' started by Vince, Jun 18, 2019.

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  1. BellaBlue

    BellaBlue Gardener

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    I think you can earn £1000 selling on eBay or hiring out tools and perhaps odd jobs before you have to tell the tax man anyway.
     
    • Agree Agree x 1
      BellaBlue, Jun 29, 2019
      #31 Quote in Conversation
    • Scrungee

      Scrungee Well known for it

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      My top tip for avoiding paying any tax post early retirement is simply ...

      Don't flippin work any more!

      If you spend some of your new found leisure time pursuing money savings, you'lll save loads of money.
       
      Scrungee, Jun 29, 2019
      #32 Quote in Conversation
    • Doghouse Riley

      Doghouse Riley Head Gardener

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      Even when you've retired, you still pay tax and they chase you for more.
      At one time they were sending me self-assessments twice a year until I told them "Stop it! If my income changes that will affect my tax liability I'll let you know." They took notice as I haven't been sent one for years.
       
      Doghouse Riley, Jun 29, 2019
      #33 Quote in Conversation
    • shiney

      shiney President, Grumpy Old Men's Club Staff Member

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      Depends on circumstances. I haven't paid tax for years and they won't be chasing me.
       
      shiney, Jun 29, 2019
      #34 Quote in Conversation
    • Victoria

      Victoria Lover of Exotic Flora

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      Neither have either of us done UK returns in years, but we pay tax at source in USA, UK and Portugal, but only tax returns here ... none due for last year! :hapfeet:
       
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        Victoria, Jun 29, 2019
        #35 Quote in Conversation
      • shiney

        shiney President, Grumpy Old Men's Club Staff Member

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        :thumbsup:

        I don't do returns anywhere and have no tax at source. :) :hapydancsmil:
         
        shiney, Jun 29, 2019
        #36 Quote in Conversation
      • Scrungee

        Scrungee Well known for it

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        I still pay a small amount of tax, so small that I have to be careful with Gift Aid. But we somehow still seem to be better off than many who work and struggle to make ends meet.
         
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          Scrungee, Jun 29, 2019
          #37 Quote in Conversation
        • pete

          pete Growing a bit of this and a bit of that....

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          I cant say as I really want to watch every penny when I retire, I expect to cut back a bit but wandering around trying to find the best deal for a packet of seeds is not my thing.:biggrin:
           
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            pete, Jun 29, 2019
            #38 Quote in Conversation
          • shiney

            shiney President, Grumpy Old Men's Club Staff Member

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            I can't use Gift Aid at all, for the same reason, but Mrs Shiney pays just enough tax from her company pension to cover it. :blue thumb:

            I agree but it doesn't stop me from looking around the shops I go to for the best deal in that shop - or from checking online the prices of the bigger items e.g. compost and seeing whether it's worth going there. I don't go out of my way to save a little bit. In fact, there's very little we need to buy apart from food and household items anyway. I do change where I get my petrol if there's a worthwhile offer on but I get those notifications direct from the stores.

            Currently Sainsbury's have an offer of 10p per litre off when you spend £60 (finishes on the 2nd). I've delayed my shopping to fit with the offer and shall add, if necessary, things like toilet paper and cleaning materials if I haven't reached £60. Saving £5 on filling the car up is worth a little effort of breaking routine. Petrol round here is reasonably cheap compared to a lot of other areas I've been. When we were in the Lake District recently the price up there was 8p more!
             
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              shiney, Jun 30, 2019
              #39 Quote in Conversation
            • Upsydaisy

              Upsydaisy Total Gardener

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              We tend to compare costs, but always have done.....hate to pay more for something than I have to. Just call me tight!!:roflol:

              Hubs was a company buyer....albeit in aircraft manufacturing, so it's ingrained in us to seek out the best deals.
              It's truly amazing at how prices differ!
              Definitely savings to be made.... and I for one will grab them. The saved pennies can be spent on much nicer things!:dbgrtmb:
               
              • Friendly Friendly x 1
                Upsydaisy, Jun 30, 2019
                #40 Quote in Conversation
              • JWK

                JWK Gardener Staff Member

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                You don't get 'hammered' as income tax is just the same as @shiney says. Also once you reach State Retirement age you don't pay National Insurance, so in fact pensioners who work pay less tax overall.
                 
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                  JWK, Jun 30, 2019
                  #41 Quote in Conversation
                • Scrungee

                  Scrungee Well known for it

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                  Me too. But I'm not just talking pennies, I'm talking £1,000s
                   
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                    Scrungee, Jun 30, 2019
                    #42 Quote in Conversation
                  • shiney

                    shiney President, Grumpy Old Men's Club Staff Member

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                    As long as you like eating pizza and cheese! :whistle: :lunapic 130165696578242 5:
                     
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                      shiney, Jun 30, 2019
                      #43 Quote in Conversation
                    • Vince

                      Vince Not so well known for it.

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                      So the date is set, end of September, I'm "cashing in" the smaller of my 2 deferred pensions to fund the building of my workshop, fitting it out and providing funding until we've sold the family home and I start earning another source of income.

                      Freddy, I love golf, have a set of clubs but as my left knee and ankle are both knackered, my border collie loves chasing balls, I'd never get off the first tee...... I like the idea of the 19th hole though!
                       
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                        Vince, Jul 4, 2019
                        #44 Quote in Conversation
                      • Victoria

                        Victoria Lover of Exotic Flora

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                        Congratulations @Vince. Where are you going to build your workshop?
                         
                        Victoria, Jul 5, 2019
                        #45 Quote in Conversation
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