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  • RE: Carry Forward Pension HMRC calculator and own calculations - no match

    Hi Do you mean this calculator? that is the one I have used When it asks me for my pension contributions I have given 1 .my personal pension contribution + basic tax relief of 20%, £2400 per year) 2. my employers pension contribution Are you saying I should also include the higher tax relief for my personal pension contribution (£3000 in total per year) One final question, why do I have to enter income and pension confirmation going back to TY 2010-2011 if you can only calculate the carry forward for the 3 previous tax years?), can I just select tax year 2020-2021 and forward instead to save a bit of time, it makes no difference to the calculation
  • Carry Forward Pension HMRC calculator and own calculations - no match

    Hi I like to maximise my pension contributions and have done a lot of reading up, found some excel calulators (quilter) and created my own but am still confused I have calculated my (rounded figures) 1. Nett income for the last 4 years ( tax years 20/21 to 23/24), about £198k rising to £218k in 23/24 2. my pension contributions (relief at source) £1920 per year, (but do i include the tax relief of £480 or leave it out)? 3. employer contribution £7k in 20/21 and rising to £7600 in 20/24 I then calculated my threshold income and adjusted income, my adjusted income is under the £240k for the TY 20/21-23 and below the £260k for TY 23/24 with no taper Which leads me to belief my annual allowance is the max contribution for those tax years and I can carry forward the following TY 20-21 £40k minus £8.8k = £31.2k TY 21-22 £40k minus £9k = £31k TY 22-23 £40K minus £9.3 = £30.7k TY 23-24 £60K minus £9.5k = £50.5k Total £143.4k But when I use the HMRC calculator i get very different figures, (? when asked about your pension savings, is this with or without the tax relief I received ,20% basic and then higher tax rate relief as well, or just the amount without tax relief + employers pension contribution? For instance for TY 23-24 it shows Available Annual Allowance £152k, pension savings of £9.5k (this matches my overview) and unused annual allowance £112k and for TY 22-23 the numbers are £105k, £9.3k and £92.7k Do these HMRC figures for TY 23-24 include carried over figures from the previous years? The £112k does not match my £143.4k unless the HMRC figures already include the 20% tax relief and in that case the discrepency is about £112 (HMRC number) and £114k (according to my calculations and the online excel calculator I found) still a £2k difference and I have input the same numbers Are my own calculations correct and is my carry forward allowance £143.4k or am I making a fundamental mistake and is HMRC right (I like to think so) Would love to know the answer to this