Is my private pension to Aviva tax deductible?

textbook

I psy £120 into aviva private pension.  Can I put the whole £120 through as a tax deduction in my tax return?

Got another one with paye company but they deal with all the tax I guess

Isthisforreal99

Unless you are a higher rate taxpayer then it will have no bearing on your tax position.

Are you also self-employed? If so, it is not a business expense

jaybeetoo

textbook said:

I psy £120 into aviva private pension.  Can I put the whole £120 through as a tax deduction in my tax return?

Aviva should claim the basic rate tax relief for you and add it to your account.

jem16

textbook said:

I psy £120 into aviva private pension.  Can I put the whole £120 through as a tax deduction in my tax return?

Got another one with paye company but they deal with all the tax I guess

If your actual payment is £120 then you should put the gross amount of £150 on your tax return. 

textbook

Isthisforreal99 said:

Unless you are a higher rate taxpayer then it will have no bearing on your tax position.

Are you also self-employed? If so, it is not a business expense

Yes, self employed.  Sole trader

textbook

jaybeetoo said:

textbook said:

I psy £120 into aviva private pension.  Can I put the whole £120 through as a tax deduction in my tax return?

Aviva should claim the basic rate tax relief for you and add it to your account.

They do, add £30, so is £120 or £150 tax deductible?

textbook

jem16 said:

textbook said:

I psy £120 into aviva private pension.  Can I put the whole £120 through as a tax deduction in my tax return?

Got another one with paye company but they deal with all the tax I guess

If your actual payment is £120 then you should put the gross amount of £150 on your tax return. 

£150 is tax deductible?

Dazed_and_C0nfused

textbook said:

jem16 said:

textbook said:

I psy £120 into aviva private pension.  Can I put the whole £120 through as a tax deduction in my tax return?

Got another one with paye company but they deal with all the tax I guess

If your actual payment is £120 then you should put the gross amount of £150 on your tax return. 

£150 is tax deductible?

No, it isn't tax deductible.

You get the £30 the pension company adds and if you pay tax above the basic rate it will reduce your tax liability.  

But it doesn't change the amount of income that is taxed in the first place.

SVaz

All it does for a Sole trader is adjust your basic rate tax allowance upwards. 

Paying into a Pension is NOT a business expense.  

That’s why there is a separate box on your tax return re: pension contributions.