Net pay or Relief at source?

rca779

Thanks BoGoF, don't understand the maths :-) but I am speaking to the HRMC online right now and they are changing my tax code so that I get the relief through income tax rather than additional % contribution. They are also sorting refunds for previous years :-):-)

xylophone

Guide here http://www.scottishwidows.co.uk/Extranet/Literature/Doc/FP0491

jimbo83

rca779 wrote: »

Thanks BoGoF, don't understand the maths :-) but I am speaking to the HRMC online right now and they are changing my tax code so that I get the relief through income tax rather than additional % contribution. They are also sorting refunds for previous years :-):-)

Are they easy enough to deal with online?

What information will I need to provide them with to have the discussion?

xylophone

What information will I need to provide them with to have the discussion?

Your pension scheme is "relief at source"?

You are a higher rate tax payer?



http://citywire.co.uk/money/how-to-claim-higher-rate-tax-relief-on-your-pension/a579313/2


If you are a higher-rate taxpayer paying into a personal pension you will need to claim the extra 20% or 30% back through HM Revenue & Customs.

This is done through a Self Assessment Form, or tax return form, for which you need to register. If you are already registered for self assessment, HMRC will send you a tax return to fill out every year.

If you are not registered for self assessment you must do so via the HMRC website.

HMRC will provide you with a ‘unique taxpayer reference’, and you will then receive a letter in April each year prompting you to complete your return. You can either fill out the return online or via a paper application.

If you fill out a tax return to reclaim your relief you will either receive the difference as a rebate at the end of the tax year, a reduction in your tax liability, or HMRC will change your tax code.

When you fill in the form, make sure you state how much your have contributed to your pension – you must give the gross contributions, which is the amount you have paid in plus the basic rate of tax relief you have already received on both your and your employer's contributions.

You can also claim the difference by telephoning or writing to HMRC if you are a 40% income taxpayer. If you pay 50% tax this must be done through your tax return.

https://www.gov.uk/government/organisations/hm-revenue-customs/contact/self-assessment

rca779

Very easy indeed. You'll need your NI number, name, address and details of how much you have paid.