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Can I pay into pension now for missed years
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Posts: 15 Forumite
2016/17 tax year my self employed profits were £6k and I didn't pay into pension that year. Both last year and this year my profits were 10k and I paid it all into my pension.
Can I pay in £6k for the year I missed? And if so, can I get the tax relief on it?
thanks.
Can I pay in £6k for the year I missed? And if so, can I get the tax relief on it?
thanks.
0
Comments
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No and no. Assuming you mean making the payment in the current tax year.
If not how much do you think your profit (plus any other earnings such as part time job) might be in the 2019:20 tax year?0 -
Did you have an active person scheme during 2016/17 so that you actually could have made pension contributions that year if you had thought to do it at the time?
If so, you could carry forward the allowance that existed in 2016/17 to make contributions in a future year. But you couldn't do it this year because you've already put your entire annual earnings into your pension this year.
So, you could do it next year. But only if you have enough earnings next year. If you only have something like £10k earned income next year you don't need "carry forward" allowance as your standard allowance is already likely to be £40k (limited to your actual earnings)0 -
OK Thanks. Thought I'd ask just in case it was possible.0
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