Pension contributions and relevant UK earnings for self employed

murmeltier

Can I just check my understanding is correct:

Wife is self-employed (sole trader), her profits (i.e. what's on the self assessment tax return) are £14,000 for the 2019/20 tax year
Assuming no other income etc, I believe this amount equals to her relevant UK earnings which are eligible for attracting pension tax relief.
She should therefore be able to make a contribution of £11,200 to a pension plan which will be grossed up by £2,800 to £14,000 by HMRC via the pension provider claiming tax relief - even though actual income tax paid will be a different, much lower amount (because of personal tax-free allowance)

Have I got this right and my wife can whack the full £11,200 into her pension for the 2019/20 tax year (making use of carry over rules)? 

Dazed_and_C0nfused

No, she is nearly twelve months too late to contribute to a pension in 2019:20.

She needed to have made the contribution by 5 April 2020.

Albermarle

Although your actual calculation is correct , as said you can't claim tax relief for a previous tax year .( the carry over rules are something different altogether ) . She still has time to add to a pension this year though. She must have a good idea how much profit she will make this tax year and she can just contribute a bit less to be on the safe side. Be quick though as they tend to be quite busy at this time of year.

RetSol

Be quick though as they tend to be quite busy at this time of year.

Who are "they"?  And quick to do what?  As long as the cash is cleared in the SIPP by 5th April, it will be OK, presumably. 

murmeltier

Thanks all. And also thanks for pointing out my flawed thinking on carry forward rules ...

RetSol

Worth bearing in mind that, owing to the Easter bank holiday weekend, the last business day before 5th April 2021 will be 1st April.