Higher tax pension relief via SA - Accountant question

[Mudball]

Question for the accountants if we have any.

I pay into a defined contribution pot at my employer. fairly straightforward. I am also taxed at source. Filing my returns for last year. The perinnial question is how do you claim higher tax relief on pension contribution. The HMRC website is very useful when it says that you can claim relief if you are above the 20%. the provider claims this the first 20%. It says you can claim it via Self Assessment. But nowhere does it say how to claim it. Having spoken to a few friends, it seems fairly open to interpretation on how they claim and which box the put the money in. The claim may not be much, but always good to see something like this.

I know my full Employee contribution from my may slip, Lets say this is £1000 for the year. The first 20% relief is claimed by the pension provider. However as a 40% tax payer, i am told i can claim relief on the remaining.

Anyone any experience in this.

 

[fundy]

When you answer the tailor your return questions (section 3) you need to tick the box which says did you make contributions to a personal pension or retirement annuity (or something similar) then it will provide you with the relevant page to fill in in section 4 which will ask for pension contributions taxed at basic rate (or similar). If this isnt clear ill log in to a SA and find the exact wordings/places for you

 

[Mudball]

When you answer the tailor your return questions (section 3) you need to tick the box which says did you make contributions to a personal pension or retirement annuity (or something similar) then it will provide you with the relevant page to fill in in section 4 which will ask for pension contributions taxed at basic rate (or similar). If this isnt clear ill log in to a SA and find the exact wordings/places for you

tnx fundy.... i am assuming u meant this


got that.. and in section 4.. should i put the my annual employee contribution into the first box ??

 

[Deleted member 21258]

If this goes via your payslip, what makes you believe you are not already receiving higher rate tax relief ? (it is possible you are not, but on the other hand probably more possible you are receiving it already under a net pay arrangement).

For a lot of situations, the pension is deducted from your taxable gross pay, on your payslip. So full relief is given already and no entry normally required on your tax return.

Luckily tax doesn't have to be taxing

 

[Mudball]

true

If this goes via your payslip, what makes you believe you are not already receiving higher rate tax relief ? (it is possible you are not, but on the other hand probably more possible you are receiving it already under a net pay arrangement).

For a lot of situations, the pension is deducted from your taxable gross pay, on your payslip. So full relief is given already and no entry normally required on your tax return.

Luckily tax doesn't have to be taxing

True... so have written to the payslip folks (no idea where they sit).. so far have got 2 different answers .... if Carlsberg did taxes....

 

[fundy]

Yes thats the box I meant (assuming you have only had basic rate relief)

 

[Mudball]

...

Yes thats the box I meant (assuming you have only had basic rate relief)

... thank you.. now i have all the info..