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  • RE: Higher Rate Tax Relief On Pension Contributions

    Hi Ok thank you, regarding income for tax relief ? does this mean just the business profit or does it also include any income from interest over the personal savings allowance ? added onto the business profit ? thank you
  • RE: Selling online

    Hello I am registered self employed nothing to do with ebay sales but I have items i want to sell ( have not sold anything yet ) some over 5 years old bought by ex partner who is now deceased no receipts so if I sell any of these items which I have used or had in a wardrobe do i include them on my tax return as I don't have a trading allowance as am self employed use expenses ? If I do have to include them on the tax return ( I think they may turnover £300 to £400 if lucky ) do I then have to list these sales as a separate business as my business is not online ebay sales ? thank you
  • RE: Higher Rate Tax Relief On Pension Contributions

    Hello Ok thank you is the additional relief on the amount I have profit over £50,270 so in this case additional relief on £9730 ? Thankyou
  • RE: Higher Rate Tax Relief On Pension Contributions

    Thankyou does this mean I get additional tax relief on £9730 ( 60,000 minus 50,270 ) ? So of the 12,500 there is additional relief on 9730 How does this additional tax relief work ? Does it come off my bill or is refunded ?
  • Higher Rate Tax Relief On Pension Contributions

    Hello When claiming back higher rate tax relief on pension contributions for self assessment do I put in the net contributions or the gross contributions ( total including tax relief at basic rate ) ? Example I have income of 60,000 self employed profit I added 10,000 to my pension and it was topped up by 2500 ( basic relief ) Do I add 10,000 to work out the tax relief or 12,500 ? Do I get the higher rate tax relief on the 10,000 as this is the higher rate amount ? Thankyou
  • RE: Tax Relief On SIPP

    Hi It is not my own contributions I am confused about it is the added tax relief which pension scheme says takes 8 weeks to be added it is currently pending my own contribution cleared within a day. I would like to know if I contribute in february and march of a financial year as I have to wait 8 weeks for tax relief to be added do I include it on my tax return as the gross contribution when it is actually added even though it may be in the next financial year or do I include it if it is pending ? ie I add £100 in february and £100 in march I am due £50 tax relief but it is not in my account until the next financial year ( takes 8 weeks to receive from hmrc ) are my gross contributions £250 for the tax year or £200 and the £50 tax relief added when received in the next financial year Thanks
  • Tax Relief On SIPP

    Hello I am self employed and have just opened a SIPP it is my first pension ever, I put £100 in and it says £25 tax relief which is pending it takes 8 weeks to be added. I know that when I do my tax return I have to enter the gross total for the financial year ( including tax relief and what I have added myself ) If I add money in February, March or 1st few days of April before end of tax year I will see the tax relief as pending in my account but it will not have actually been received. When I do my tax return do I include the pending tax relief or do I only include tax relief actually received as it takes 8 weeks to receive my provider states. If I do not include the pending amount do I include it when it is received the following financial year ? Thankyou I find pensions hard to understand so have only just opened one