Trencher Tree
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Self assessment calculation doesn't seem correct
I've completed my self assessment calculation for 22/23 however I feel the tax amount is incorrect. Self assessment website says I'm due £8K back, however my calculations and those of third party sites listentotaxman and uktaxcalculators all calculate it to be around 12k. There's nothing due from period years. I had made additional contributions towards my pension in March using the carry forward rules to bring me under the the 100K personal allowance tapering, I'm anticipating the mid-March is related to this somehow, What's the best course of action? Submit the assessment, perhaps leave a comment on it hoping someone will look at it, and then call self assessment helpline next week? -
RE: Clarity on Pension Contributions when Completing Self Assessment
Thank you, most appreciated. -
RE: Clarity on Pension Contributions when Completing Self Assessment
Thanks. My workplace pension is relief at source. Option #2 seems to me to be the right answer but I'm not 100% sure. -
Clarity on Pension Contributions when Completing Self Assessment
I'm at my annual confused stage when it comes to self assessment and pension contributions. Background: Higher rate tax payer, employed, employer has a standard workplace pension with no salary sacrafice. Like many, there are three sources of contributions to my pensions. Below are some annual numbers for illustrative purposes. A. Workplace 3% (employers contribution) £1,984.50 B. Workplace 5% (my contribution) £2,471.26 C. Regular contributions to private pension £28,010.00 When completing my self assessment, I'm looking to confirm what numbers need to be included in the below section as it makes my head spin every year.... Payments to registered pension schemes (Also known as PPR) where basic rate tax relief will be claimed by your pension provider (called Relief at source). Enter the payments and basic rate tax: Is the correct answer: #1. C * 1.25? e.g. £28,010.00 * 1.25 = £35,012.50 #2. C+B * 1.25? e.g. £30,481.26 * 1.25 = £38,101.57 #3. Something else -
RE: 3 Year Unused Pension Allowance
Thanks! -
RE: 3 Year Unused Pension Allowance
Thanks. Im not sure I worded my question well. As I can carry unused allowances forward, is it possible to use the old allowance first? Let's say this year I was to make pension contributions of 50K. Can I use the unused 35K I had from 2021 and only use 15K of this year's allowance? Or must I use the 40K of this year's allowance, and then the extra 10K is allocated to a previous year? Obviously it's more optimal to use earlier years first because they lapse of not used, so would rather use all of previous years, before using the current year if it's possible. -
3 Year Unused Pension Allowance
Last year I used my full pension allowance, but the prior two I never., by a consideable amount For the next few years, I expect to be able to use my allowance. As my income is increasing, if i could, I would like to use my earlier unused years allowance before I use my current year allowance. Is that possible?