The average retired household paid £7,400 in tax last year, and the annual bill rose around £400 in the 12 months to April 2016. The total tax in for retired people in the UK was £52.7 billion from direct and indirect taxes. It is important to remember than when giving up work you will still have to pay taxes. Many retired people will still need to consider Income Tax bills as well as all the other indirect taxation. Adequate retirement planning could help you to consider your tax bill as a retired person, and seeking professional financial advice could help you to plan for your retirement.
