Decreasing taxable income for last financial year

paaniWater

I realised that in my current situation I will have to pay too much tax in financial year 20-21. I should have added more money into pension but didn't.

I don't think I can do anything now but just thought of asking here in case there is a way to add some money to pension/savings that can reduce my taxable income for last financial year? Many thanks in advance.

Grumpy_chap

paaniWater said:

I realised that in my current situation I will have to pay too much tax in financial year 20-21. I should have added more money into pension but didn't.

I don't think I can do anything now but just thought of asking here in case there is a way to add some money to pension/savings that can reduce my taxable income for last financial year? Many thanks in advance.

You may find this thread relevant:
https://forums.moneysavingexpert.com/discussion/comment/78907615#Comment_78907615

Very little you can do to change the fact of what you did (or did not do) in FY 2020-21.

Dazed_and_C0nfused

I don't think I can do anything now but just thought of asking here in case there is a way to add some money to pension/savings that can reduce my taxable income for last financial year? 

No, you can only contribute to pensions during the tax year.

Anything paid after 5 April will be a contribution in the next tax year.

And most pension contributions don't reduce taxable income either.  Although that might not be what you a really wanting to achieve?

If you're feeling charitable and haven't yet filed your tax return for 2020:21 you could read the tax return notes relating to Gift Aid as that does still offer a tax saving opportunity for 2020:21.  Not by reducing your taxable income though.

paaniWater

Thanks both for responding :-)