Post retirement pension intake and output

ClashCityRocker1

Thank you guys - so basically when i put £2880 into a personal pension (or similar) I fill in that form Macron kindly provided the link for so that HMRC are aware.

Simples!

Albermarle

ClashCityRocker1 said:

Thank you guys - so basically when i put £2880 into a personal pension (or similar) I fill in that form Macron kindly provided the link for so that HMRC are aware.

Simples!

You should always report the gross amount - £3,600 .

ClashCityRocker1

Albermarle said:

ClashCityRocker1 said:

Thank you guys - so basically when i put £2880 into a personal pension (or similar) I fill in that form Macron kindly provided the link for so that HMRC are aware.

Simples!

You should always report the gross amount - £3,600 .

Thanks, will do. Not actually there yet (full retirement), mind you...

Dazed_and_C0nfused

ClashCityRocker1 said:

Albermarle said:

ClashCityRocker1 said:

Thank you guys - so basically when i put £2880 into a personal pension (or similar) I fill in that form Macron kindly provided the link for so that HMRC are aware.

Simples!

You should always report the gross amount - £3,600 .

Thanks, will do. Not actually there yet (full retirement), mind you...

And you only need to bother telling HMRC if it will impact your overall tax position, for example you are due some intermediate or higher rate relief.

Otherwise you simply need to pay into the pension, the provider sorts the basic rate relief without any involvement from you.

ClashCityRocker1

Dazed_and_C0nfused said:

ClashCityRocker1 said:

Albermarle said:

ClashCityRocker1 said:

Thank you guys - so basically when i put £2880 into a personal pension (or similar) I fill in that form Macron kindly provided the link for so that HMRC are aware.

Simples!

You should always report the gross amount - £3,600 .

Thanks, will do. Not actually there yet (full retirement), mind you...

And you only need to bother telling HMRC if it will impact your overall tax position, for example you are due some intermediate or higher rate relief.

Otherwise you simply need to pay into the pension, the provider sorts the basic rate relief without any involvement from you.

Which brings me right back to my original question - won't HMRC think I have earned over threshold because won't know I paid £3600 gross into pension?

molerat

ClashCityRocker1 said:

Dazed_and_C0nfused said:

ClashCityRocker1 said:

Albermarle said:

ClashCityRocker1 said:

Thank you guys - so basically when i put £2880 into a personal pension (or similar) I fill in that form Macron kindly provided the link for so that HMRC are aware.

Simples!

You should always report the gross amount - £3,600 .

Thanks, will do. Not actually there yet (full retirement), mind you...

And you only need to bother telling HMRC if it will impact your overall tax position, for example you are due some intermediate or higher rate relief.

Otherwise you simply need to pay into the pension, the provider sorts the basic rate relief without any involvement from you.

Which brings me right back to my original question - won't HMRC think I have earned over threshold because won't know I paid £3600 gross into pension?

The answer to that is highlighted above.  You just ensure your tax account shows the correct estimated incomes from all sources so your coding is correct and if you do earn over the threshold you inform HMRC of your gross pension contribution, if you don't earn over the threshold you don't need to tell them.  You either earn over the threshold or you don't, your £3600 does not alter that, it simply affects any relief you are due.

NoMore

From your first post, your intended overall withdrawal is 53600. Your intended overall contribution is 3600. So yes some of that 3600 would be subject to higher rate tax so you are entitled to this tax relief on the contribution and will need to claim it from HMRC. 

it doesn’t matter in the timing or order of how things happen just your overall tax position by the end of the tax year. 

ClashCityRocker1

Brilliant thanks all