[Finance] Self Assessment / Nest Pension

R

ropey9

Active member

Feb 25, 2009

181

• Jan 14, 2022

• #1

Morning,

Hopefully someone is able to help.

Something that should be simple seems to be made hard by both the self assessment website and the Nest website not providing a clear working example.

I'm entitled to claim back additional tax relief on my nest pension, great!

What isn't clear is the amount I use for self assessment.

The Nest website provides a less than clear example as below (this is their example not representative of my much lower contributions)-

Click to expand...

Why is the employer contributions mentioned at all? Are they relevant for my SA return?

In the example calculation (third from last bullet point) is the tax relief value relevant, if so, is it added or taken away.

Hopefully this is a simple one.

Thanks

 

P

PeterOut

Well-known member

Aug 16, 2016

1,238

• Jan 14, 2022

• #2

I have absolutely no idea - but I'll bump it for you.
Perhaps one of the many super-rich plumbers can ask their personal tax gurus for you

 

Sorrel

Well-known member

Jul 5, 2003

2,751

Back in East Sussex

• Jan 14, 2022

• #3

If you are talking about claiming additional tax relief on a pension, the HMRC notes are here: https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief

The notes within the SA part themselves are fairly clear about what you need to put in for the figures at that point.

 

S

Shropshire Seagull

Well-known member

Nov 5, 2004

8,509

Telford

• Jan 14, 2022

• #4

If the pension fund was paid in to under salary sacrifice [deduction before PAYE calcs] you will have already received tax relief.
You can't then claim it again.
My understanding is that you can only claim tax relief via SA if you pension payment contribution was made via monies that had already been taxed via PAYE.

 

A

ac gull

Well-known member

Jul 7, 2003

1,931

midlands

• Jan 14, 2022

• #5

if you pay higher rate tax on SA you can claim back 20% as only 20% will have been given as tax relief, though this is only if not paid into pension via your work payroll, if done via payroll you will have had all 40% tax relief already

 

E

East Staffs Gull

Well-known member

Jan 16, 2004

1,421

Birmingham and Austria

• Jan 14, 2022

• #6

ac gull said:

if you pay higher rate tax on SA you can claim back 20% as only 20% will have been given as tax relief, though this is only if not paid into pension via your work payroll, if done via payroll you will have had all 40% tax relief already

Click to expand...

No. Pension provider will claim a 20% credit on your behalf, which goes into your pot. Higher rate tax payers need to claim the additional 20% tax credit via self assessment.