Month: November 2019

It is fine to keep working past your State Retirement Age unless your employment is subject to retirement at a compulsory retirement age. If your employer does this, they must give a good reason, for example: the job requires certain physical abilities (e.g. in the construction industry) or the job has an age limit set by law (e.g. the fire service).

To be clear, a forced retirement age of 65 no longer exists.

You can also ask your employer if you can work more flexibly or work part-time. They have the right to reject your request.

You can claim your State pension while you are working, as long as you’ve reached the State Pension age. You can also work if you are claiming a personal or workplace pension. However, check with your pension provider or employer if you have a workplace pension as reducing your working hours could affect how much pension you will receive. You should also check to see what happens to your workplace pension if you continue working beyond the age when you can take it.

If you delay (defer) taking your State Pension, you will get larger weekly payments when you do start taking your pension.

A bonus

You don’t pay National Insurance if you work past State Pension age.

As a general rule, if you sell shares for more than you paid for them, any profit you make will be chargeable to Capital Gains Tax (CGT).

Shares and investments you may need to pay tax on include:

• shares that are not in an ISA or PEP
• units in a unit trust
• certain bonds (not including Premium Bonds and Qualifying Corporate Bonds).

CGT will not usually be payable if you give shares as a gift to your husband, wife, civil partner or a charity.

You also do not pay Capital Gains Tax when you dispose of:

• shares you’ve put into an ISA or PEP
• shares in employer Share Incentive Plans (SIPs)
• UK government gilts (including Premium Bonds)
• Qualifying Corporate Bonds
• employee shareholder shares – depending on when you got them

The amount of CGT payable will depend on your other earnings in the tax year. You may also be able to claim other reliefs if you are selling shares in a business that you control.

Finally, we are all entitled to make tax-free capital gains each tax year. For 2019-20, the CGT annual exemption is £12,000.

1 November 2019 – Due date for Corporation Tax due for the year ended 31 January 2019.

19 November 2019 – PAYE and NIC deductions due for the month ended 5 November 2019. (If you pay your tax electronically the due date is 22 November 2019.)

19 November 2019 – Filing deadline for the CIS300 monthly return for the month ended 5 November 2019.

19 November 2019 – CIS tax deducted for the month ended 5 November 2019 is payable by today.

1 December 2019 – Due date for Corporation Tax due for the year ended 28 February 2019.

19 December 2019 – PAYE and NIC deductions due for the month ended 5 December 2019. (If you pay your tax electronically the due date is 22 December 2019)

19 December 2019 – Filing deadline for the CIS300 monthly return for the month ended 5 December 2019.

19 December 2019 – CIS tax deducted for the month ended 5 December 2019 is payable by today.

30 December 2019 – Deadline for filing 2018-19 self-assessment tax returns online to include a claim for under payments to be collected via tax code in 2020-21.