Soldato
My workmate has a couple of pensions. One is quite good of which he has decided to leave in situ until he retires.
The other is not and was valued at only £30k apparently.
He decided to take £10k out last year as it was tax free.
Now, he wants to take another £10k out as he needs cash to sort out issues on his house. This time he will be taxed. He is a low income earner. Of the £10k, he believes he will pay £2k in tax.
The question he has been asking in work is, will it affect his wages? He been told he may be put on emergency tax?
Plus, if it does, surely it will only affect them up until the end of march as april is start of new tax year?
I told him i would ask on a forum i use but he is arranging to see a financial advisor which work provide free of charge.
Thanks
The other is not and was valued at only £30k apparently.
He decided to take £10k out last year as it was tax free.
Now, he wants to take another £10k out as he needs cash to sort out issues on his house. This time he will be taxed. He is a low income earner. Of the £10k, he believes he will pay £2k in tax.
The question he has been asking in work is, will it affect his wages? He been told he may be put on emergency tax?
Plus, if it does, surely it will only affect them up until the end of march as april is start of new tax year?
I told him i would ask on a forum i use but he is arranging to see a financial advisor which work provide free of charge.
Thanks