reclaiming tax on pension contributions

ikorodu

Hello all

I've only recently realised that as a 40% tax payer I can claim more tax back than I get from standard life (my provider).

As such I've never claimed. I understand that I can only claim back to the 2011/12 tax year . How do I claim? Do I need to send the tax man a letter for each year to claim or can I send one letter covering the lot?

Where do I send the letter? Do I need to send any thing to back up my figures?

I've worked out that I'm owed around £1100 would this be paid by cheque?

Thanks all in advance

xylophone

https://www.gov.uk/claim-tax-refund/too-much-tax-taken-from-your-pay

ikorodu

Great. I'll try the online approach. Thanks

jem16

ikorodu wrote: »

Hello all

I've only recently realised that as a 40% tax payer I can claim more tax back than I get from standard life (my provider).

How do you pay your contributions? Do you pay via your salary and if so is it from gross or net pay?

I've worked out that I'm owed around £1100 would this be paid by cheque?

Thanks all in advance

Remember that you will only get higher rate tax relief on the amount you actually pay higher rate tax on which may not necessarily be the whole lot.

ikorodu

jem16 wrote: »

How do you pay your contributions? Do you pay via your salary and if so is it from gross or net pay?

I pay from my salary after tax is taken off.

jem16 wrote: »

Remember that you will only get higher rate tax relief on the amount you actually pay higher rate tax on which may not necessarily be the whole lot.

i should be ok here as I only pay a modest amount into my pension and I pay around 2k pa in 40% tax

ikorodu

Something I've noticed from my payslips and pension statement is that there seems to be nearly a month between me paying in from my salary and it getting to standard life. For example I was paid on 27th feb and my pension payment was deducted then. But standard life show the payment as arriving on 20th March. Is this normal for others as well or are my firm delaying payment for a reason that I'm not aware of? Either way for tax purposes do I use the date that the money left me (27 February ) or it was paid to the pension provider (20 March)?

jem16

ikorodu wrote: »

i should be ok here as I only pay a modest amount into my pension and I pay around 2k pa in 40% tax

Have you considered paying more to take advantage of the tax relief?

ikorodu wrote: »

Something I've noticed from my payslips and pension statement is that there seems to be nearly a month between me paying in from my salary and it getting to standard life. For example I was paid on 27th feb and my pension payment was deducted then. But standard life show the payment as arriving on 20th March. Is this normal for others as well or are my firm delaying payment for a reason that I'm not aware of?

I would say it's quite normal.

Either way for tax purposes do I use the date that the money left me (27 February ) or it was paid to the pension provider (20 March)?

The date it was paid into the pension is what matters.

ikorodu

Hello all

I have today received a cheque from hmrc which is nice. However it's only for last years relief and it appears to be half what I think it should be.

Is it normal for tax rebates to be paid separately for each tax year even when claimed for as a whole ie in one letter?

Can anyone tell me what higher rate tax I should be due back on a gross (ie including basic rate tax relief)contribution of £694.95?

Thanks

zygurat789

ikorodu wrote: »

Hello all

I have today received a cheque from hmrc which is nice. However it's only for last years relief and it appears to be half what I think it should be. I think everyone feels like that

Is it normal for tax rebates to be paid separately for each tax year even when claimed for as a whole ie in one letter? It happens

Can anyone tell me what higher rate tax I should be due back on a gross (ie including basic rate tax relief)contribution of £694.95? £138.99 or £139.00

Thanks

Let the auction begin

ikorodu

Hmmm

My cheque is for £56.11

Helpfully only the cheque arrived today with it was a note saying the actual calculation will be sent separately.

zygurat789

ikorodu wrote: »

Hmmm

My cheque is for £56.11

Helpfully only the cheque arrived today with it was a note saying the actual calculation will be sent separately.

It could be affected by all sorts of other things, we would need the full set of figures to comment