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PAYE deficit... can i retrospectively pay into pension?
kevshed
Posts: 34 Forumite
in Cutting tax
Hi Folks,
Just completed my SA, and for whatever reason, it looks like my tax code has been incorrect, so i have a shortfall of £2285 to pay for 15-16.
I have a company pension, but did not contribute to the personal limit... so can i make a payment now as a topup to my pension, allocating it to the 15-16 tax year?
guess i'm looking for any alternative than hand over another £2k to HMRC
ideas welcome.
Very simple tax status, am higher rate earner with, no other forms of income to declare. I do the SA myself using TaxCalc typically.
Thx !
Just completed my SA, and for whatever reason, it looks like my tax code has been incorrect, so i have a shortfall of £2285 to pay for 15-16.
I have a company pension, but did not contribute to the personal limit... so can i make a payment now as a topup to my pension, allocating it to the 15-16 tax year?
guess i'm looking for any alternative than hand over another £2k to HMRC
ideas welcome.Very simple tax status, am higher rate earner with, no other forms of income to declare. I do the SA myself using TaxCalc typically.
Thx !
0
Comments
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That is quite an underpayment for a tax code error? Are you sure that you did not make an error on the tax return? For example, my brother-in-law entered gross pay BEFORE pension contributions on every tax return for the last ten years! (This came to light a few weeks ago when he was boasting how simple the return process was and why anyone needed a tax adviser etc etc)
The answer to your question is No - pension contributions used to be able to be carried back but this ceased to be the case from 'A' day around 2006.0 -
thanks... Sadly, not an error on my part. I have lumpy bonuses through the year which to be fair, are hard to forecast - this tends to result in gaps.... which i guess is the point of having to do an SA return...
Thanks for the answer though
0 -
thanks... Sadly, not an error on my part. I have lumpy bonuses through the year which to be fair, are hard to forecast - this tends to result in gaps.... which i guess is the point of having to do an SA return...
Thanks for the answer though
why is your tax code wrong?
bonuses wouldn't make your tax incorrect
maybe give some more details0 -
why is your tax code wrong?
bonuses wouldn't make your tax incorrect
maybe give some more details
They can do if the bonuses take your earnings over the 100,000 mark - the tax code may have included the personal allowance and when the tax return is completed the personal allowance might not be due or only due in part if income is 100000-120000 or so0
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