Miscalculation on pension

Jonah01

Hi,

Pretty sure I can't do anything about this now but I'll ask 

Just doing my 23/24 return. It looks like back in march 23 I didn't calculate the correct amount to push into my sipp to lower my net adjusted figure for child benefit tax and to also raise the upper limit of my basic rate 
I had 3 dividend payments in 23/24 and one was 5k and was the one I hadn't remembered so I'm about 4k over the 50k and have about £900 to pay back for child benefit and also higher rate tax on the 4k. 37%.

Can anything be done? I don't think I can pay into a previous year for my sipp. Anything that can be done with that 5k dividend? Can I defer it somehow? Even though it was the previous year?

If not I'll just suck it up and won't make the same mistake again. 

zagfles

Well you could make a gift aid donation which you can backdate to last tax year, that will lower your ANI and increase the basic rate band, but obviously it won't make you any better off. But would be a tax efficient way to donate to a charity. You would need to do it before you submit your tax return.

KathysBoy

It is possible to amend self assessment tax returns, providing you submit it within 12 months of the original filing deadline. So, you can amend your tax return for 22/23 online providing it’s done by the 31st January 2025. You can amend it after that, including earlier returns, but you have to submit these changes in a letter.

Details here.

https://www.gov.uk/self-assessment-tax-returns/corrections

Nomunnofun1

KathysBoy said:

It is possible to amend self assessment tax returns, providing you submit it within 12 months of the original filing deadline. So, you can amend your tax return for 22/23 online providing it’s done by the 31st January 2025. You can amend it after that, including earlier returns, but you have to submit these changes in a letter.

Details here.

https://www.gov.uk/self-assessment-tax-returns/corrections

There are no corrections to be made to the 2022/23 return. The op is looking to carry back pension contributions to that year, which can’t be done.