In retirement there are many changes to the way tax is applied compared to when an individual is in work. The main sources of income in retirement are likely to be pensions, savings, part-time work and possibly property and other investments.
Due to the varied structure and multiple sources of income, for most retirees it is a requirement to complete a self assessment tax return at the end of each tax year to correctly aggregate their income and make sure the correct amount of taxation is applied.
An accountant can advise on how to efficient take income once already in retirement or approaching retirement and how to best access the pension pot. Future planning advice including estate planning and inheritance are also catered for.
Services an accountant can offer include:
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