Mil to Civvy Pilot Tax-Hacks!!

[BobbyT]

Hello all, I've done a quick search without much luck, especially current info! Thought this may benefit either those leaving the Service or just having a change of circumstance in the near future...

I'm transitioning from Mil flying career at pension point to a Civvy airline. This years tax return will be rather complicated! What with the potential for 2 lots of pay for a short time only obviously (and all above board), a lump-sum (albeit tax free) and a pension kicking in. I was wondering if anyone had any useful advice, experiences, contacts (accountants etc) that could be useful?

I'm thinking that a couple of hundred quid thrown at an accountant may actually be worthwhile as I'd hope with such a complicated financial year they'd at least save me their fee's-worth in tax?

Any advice, info or banter will be greatly received.

[centropy]

£2-300 is fair if not too complicated and probably worthwhile. Mine charges £40ph.

[deltahotel]

On line self assessed tax return - piece of pi$$

[Arty Fufkin]

Hang on to your P45/60.
Don't worry about the gratuity, it's not included in any of the calculations.
Make sure your pension has the correct tax code ( taxed at 40%) and your new main income tax code is also correct. ( this can take ages to sort.)
Be aware that if your gross earnings top £100k for the year your tax free allowance is gradually withdrawn. This means between £100k and ~ £118k you are taxed at something like 60%!
Either way, my advice would be to just do a selfie tax return but keep a slush fund hady to pay the inevitable bill.

[Artie Fufkin]

Well who'd of thought it, two mid west record promoters of Tap on the same forum!

[Arty Fufkin]

Small world, but in retrospect, your spelling is the correct one. No copyright infringement intended!

[Cattivo]

Check your PMs mate