Hello. I am aged 64 and will soon be 65. I receive my state pension (almost the full amount) in January 2020. I have just submitted my latest self assessment, 2018-2019. I have completely stopped working at the end of 2019 but have only earned a small amount of self employment income since leaving my employment back in 2015. I receive a BT pension (paid gross) and with my small amount earned from self employment, have been well below the tax threshold since 2015. I have a couple of questions please.
1) With my BT pension and state pensions combined, from January 2020 onwards, I will have an income within the normal the tax threshold for 2019-2020 but the years after that, 2020-2021 (a whole year of state pension), I will be slightly over the tax threshold. To help reduce my tax, my wife is planning to transfer the 10% of her threshold over to me (she has very little income as not working) but when can I do this? Can I do any time or do I have to wait until I have the state pension and my total income rises above the tax threshold?
2) Can I stop making a return completely? To be honest, it is so easy to fill in as I can skip most sections and even self employment from now on. Is there a short return?
3) Will my state pension be paid in full (i.e. no tax) and my BT pension tax code (currently paid gross) changed to pay the very small amount of tax I might have to pay?
I hope someone can answer these questions. Thanks in advance.Rob