Exceeding Pension Annual Allowance and self assessment

I received a pension savings statement in Jul 2023. It advised me that I exceeded by annual allowance in 21/22. I am trying to add this information to my self assessment tax return. Should I add it to my current 22/23 assessment or should I modify my previously submitted tax return for 21/22? Many thanks in advance.

Hi alison c,
Please refer to:
HS345 Pension savings — tax charges 
If you exceeded your annual allowance figure in 2021-22 then your 2021-22 return should be amended to include the pension savings charge.
Thank you, 


 

If you have historically breached the annual allowance for several years and not reported these on your tax return, can you go back in and amend old returns? Will there be penalties and interest payable if this is the case?

Hi,

You have two years from the due date of a tax return in which to amend the tax return, for example, the return 2022 to 2023 is due by 31 January 2024 and you have until 31 January 20026 to amend the return.  

Where you have passed the two year deadline, you will need to write to, H.M. Revenue and Customs, Self Assessment, BX9 1AS and advise of the amount that has exceeded the tax free threshold. Assessments will be raised for each tax year and added to your Self Assessment statement. These amounts of unpaid tax will attract late payment penalties and interest, starting from 31 January through to the date the tax is paid. You can calculate interest and penalties up to 5 April 2022 here:

Calculate interest and penalties for tax years ended 5 April 2003 to 5 April 2022

Thank you.