How to claim tax back on SIPP

littld

Hi all opened a SIPP with HL today and it says it can claim the 20% tax but I need to claim the other 20% myself.


I don't use self assessment and just use PAYE.


How do I advise HMRC to give me the tax back and when should I do it?


Thanks if anyone is able to help, been searching for hours and given up hunting for an answer.

mgdavid

littld wrote: »

Hi all opened a SIPP with HL today and it says it can claim the 20% tax but I need to claim the other 20% myself.

I don't use self assessment and just use PAYE.
How do I advise HMRC to give me the tax back and when should I do it?

Thanks if anyone is able to help, been searching for hours and given up hunting for an answer.

Are you a Higher Rate tax-payer?
If yes you can either phone HMRC or do an SA at the end of the tax year.

littld

mgdavid wrote: »

Are you a Higher Rate tax-payer?
If yes you can either phone HMRC or do an SA at the end of the tax year.

Yes Higher Rate but I don't normally do SA. Should I wait until next tax year or can I call HMRC now?


Thanks, David

xylophone

can I call HMRC now?

You can - or you can write a letter giving the details.

Or you might wish to register for a personal tax account.

https://www.gov.uk/government/organisations/hm-revenue-customs/contact/income-tax-enquiries-for-individuals-pensioners-and-employees

http://citywire.co.uk/money/how-to-claim-higher-rate-tax-relief-on-your-pension/a579313/2 - some details are out of date but worth a look.

greenglide

If you do self assessment and you are a higher rate tax payer you can claim the extra relief for all gift aid giving as well.

mgdavid

I wouldn't phone them 'now' as they're shut (sorry!); best time is between 8 and 8.30 in the morning.:)

GazHol

I'm PAYE (no SA) and just send HMRC a letter setting out interest earned, gift aid, P60 etc. in May when all the paperwork has arrived. I'll be including my first SIPP contributions to claim the extra tax back as well.
HMRC are not the fastest at answering the phone, and a "letter" is just a printed and posted email.

bigadaj

mgdavid wrote: »

I wouldn't phone them 'now' as they're shut (sorry!); best time is between 8 and 8.30 in the morning.:)

Ive got through before 8 previously and would try around 7.45, have waited a good while from around 8.15.

greenglide

Self assessment takes me about an hour and the HMRC systems give me and refund or payment request in about a week or so.

Why do so many people avoid Self Assessment? Why dont HMRC make it mandatory for all tax payers or, at least, everyone on higher rates?

bigadaj

greenglide wrote: »

Self assessment takes me about an hour and the HMRC systems give me and refund or payment request in about a week or so.

Why do so many people avoid Self Assessment? Why dont HMRC make it mandatory for all tax payers or, at least, everyone on higher rates?

I think it's a weird combination of the fact that people don't trust hmrc or the government and think it's complicated.

My tax affairs are probably intermediate in terms of complexity, and take a similar time to complete online. It takes me far longer to collate and organise the information to submit, given the range of savings, current and other accounts including investments. However this is a consequence of my search for return and income and values my time at probably a few hundred pounds an hour for the hassle so marginally better paid than my normal work!

chockydavid1983

I did this for the first time at the weekend.
It's very simple- just give them a call and tell them how much you contributed to your SIPP.

Chris.