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How can I reduce my tax owed last year that I realised while doing self assessment now?

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Comments

  • swam said:

    I am doing my self assessment for 2019-2020 now before the Dec 31st deadline. While doing so, I realised that I owe tax. Little had I known that in the tax year itself, I would have planned to reduce my tax burden. But I am here now. I've had a few sleepless nights looking at options.  For example, I cannot backdate my pension contributions to reduce my overall taxable income. I believe it was possible 10 years back. Are there any other options?
     Any advice or suggestions from experienced folks here is explicitly solicited :)  

    Hi, did you manage to do anything about it ? We do have exactly the same problem? Please let me know if is still posible to put money on the pension pot to reduce tax from 2019/20. Thank you
    No, you cannot make pension contributions after 5 April 2020 and get tax relief for 2019:20.
  • Jeremy535897
    Jeremy535897 Posts: 10,813 Forumite
    10,000 Posts Sixth Anniversary Photogenic Name Dropper
    swam said:

    I am doing my self assessment for 2019-2020 now before the Dec 31st deadline. While doing so, I realised that I owe tax. Little had I known that in the tax year itself, I would have planned to reduce my tax burden. But I am here now. I've had a few sleepless nights looking at options.  For example, I cannot backdate my pension contributions to reduce my overall taxable income. I believe it was possible 10 years back. Are there any other options?
     Any advice or suggestions from experienced folks here is explicitly solicited :)  

    Hi, did you manage to do anything about it ? We do have exactly the same problem? Please let me know if is still posible to put money on the pension pot to reduce tax from 2019/20. Thank you
    How time flies. Pension payment carry back ended 31 January 2006.
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