Relief at Source

desperatedan2015

Hi,

Wasn't sure whether to put this in the pensions forum or here, but oh well.

Basically I have been requested by the HMRC to fill out a self assessment for the first time.

I am employed and self employed and I have filled out as much as my tax return for 2014/2015 as I can but I am stuck on the pension section, also I am in the 40% tax bracket.

I pay £183.34 net per month towards my persoanl and the pension scheme makes it up to £229.18

The net total of payment comes out at £2121.60, so the Gross Amount is £2651.97

On the self assessment they ask the question:

Payments to registered pension schemes where basic rate tax relief will be claimed by your pension provider (called 'relief at source'). Enter the payments and basic rate tax:£

I'm not sure which figure they are asking for?

If there's any tax savvy people out there that can explain this to me in layman's terms I'd really appreciate it.

Thank you in advance.

pjread

They're after the gross contribution (i.e. what you paid *1.25)

jem16

desperatedan2015 wrote: »

I pay £183.34 net per month towards my persoanl and the pension scheme makes it up to £229.18

The net total of payment comes out at £2121.60, so the Gross Amount is £2651.97

On the self assessment they ask the question:

Payments to registered pension schemes where basic rate tax relief will be claimed by your pension provider (called 'relief at source'). Enter the payments and basic rate tax:£

I'm not sure which figure they are asking for?

They want the gross figure of £2651.97 which is your payment plus the basic rate tax relief that your pension provider has added on.

By the way your total figures don't seem to equate to 12 times the monthly payment. Did you pay less in one month?

desperatedan2015

Thank you so much!

desperatedan2015

Looks like I've been paying:

April 2014 - Dec 2014 £174.62 (£218.27)
Jan 2015 - April 2015 £183.34 (£229.18)

So does that make the gross figure £2651.97

Thanks again for you reply!!

jem16

desperatedan2015 wrote: »

So does that make the gross figure £2651.97

Yes it does.

Rainmaker_uk

I assume you have claimed back the higher rate tax relief back through your self assesment? You will need to check but if your pension provider has not added it then it is owed to you.