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Self assessment/ lump sum to Sipp
SVaz
Posts: 708 Forumite
in Cutting tax
I just made a lump sum payment of £4800 net into my Sipp over and above my usual monthly contributions, I may or may not do the same next year (26-27) but it’s quite likely.
I’m a self employed sole trader and will start getting a military pension next month, which presumably will be under PAYE. Should still be basic rate tax even with the pension.
On a tax return there is a box for pension contributions and also a ‘one off’ box, which I was going to put the lump sum in - but is that Net or Gross? Presumably Net like box 1?
Also on the notes it says for payments you don’t intend to repeat, well I kind of do, if I’m able. It will be limited to this year and next year as I’m planning to retire late 2027.
I’m a self employed sole trader and will start getting a military pension next month, which presumably will be under PAYE. Should still be basic rate tax even with the pension.
On a tax return there is a box for pension contributions and also a ‘one off’ box, which I was going to put the lump sum in - but is that Net or Gross? Presumably Net like box 1?
Also on the notes it says for payments you don’t intend to repeat, well I kind of do, if I’m able. It will be limited to this year and next year as I’m planning to retire late 2027.
My question is : Do I need to bother with the ‘one off’ box.
0
Comments
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Box 1 you enter the gross contribution.Put the total amount in box 1 – that is, your personal contributions paid to the scheme, plus the basic rate tax relief. Include any one-off payments you made in the year 2024 to 2025.Box 1.1 is purely for one off amounts you do not want your coding adjusted for, if you are going to be a basic rate PAYE tax payer there is little point filling it in as there will be nothing to adjust.
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No, box 1 you definitely enter the Net amount and then there’s an = sign that tells you the Gross.I’ve got last year’s return in front of me.I’ll not bother with box 1.1 then, thanks for the clarification.0
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