UK tax authority warns taxpayers to correctly report foreign pensions or face large bills.

The UK's tax authority, HMRC, warns taxpayers to check their pension tax payments to avoid large bills. After a taxpayer asked about paying tax on a US pension through PAYE, HMRC clarified they cannot operate PAYE on foreign pensions. Taxpayers must declare this pension and can include it in their PAYE code to avoid big bills, though they still need to report it through self-assessment.

3 months ago
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