Can I contribute to last year's pension

EricTheKing7 · 7 January 2018 at 1:35AM

Last year I was fortunate to earn enough to put me into the 40% tax bracket but I was not educated enough to benefit from increasing my pension contributions. I'm a basic rate tax payer again this year so am wondering if there is any way I can still take advantage of last year's allowance before I complete my self assessment forms, I know I can carry forward previous unused allowances but I'm assuming I won't benefit from this unless I'm a 40% tax payer again?
Thanks in advance.

kidmugsy · 7 January 2018 at 1:42AM

Sorry, it's use it or lose it.

marlot · 7 January 2018 at 8:15AM

I believe you can make a contribution to charity after the tax year has ended (but before 31 January).

https://www.gov.uk/donating-to-charity/gift-aid

It doesn't help your pension, but does help good causes!

EricTheKing7 · 7 January 2018 at 5:07PM

Thanks for the replies, even though it's not really what I was hoping to hear. I was also considering consolidating 4 pensions into a SIPP but I think I've just demonstrated my lack of pension knowledge would mean that would be a bad idea.

EricTheKing7 · 7 January 2018 at 10:43PM

A final question (as I desperately try to cling on to the hope of using last years allowance). Hypothetically, if I had received an unexpected bonus on 30th of March 2017, let's say £20k which brings my usual salary up from £30k to £50k, is it reasonable to expect me to make suitable pension contributions before 5th April 2017? My hope is that it isn't considered reasonable and you may be allowed to address it up until you filed your tax return - am I clutching at straws or is there an element of hope with this scenario?

BoGoF · 7 January 2018 at 10:45PM

You are very much clutching at straws, the chance has gone.

EricTheKing7 · 9 January 2018 at 5:18PM

Thanks BoGoF, I'll just have to accept I need to educate myself more financially. And this site is always a great help.

michaels · 9 January 2018 at 5:26PM

EricTheKing7 wrote: »

A final question (as I desperately try to cling on to the hope of using last years allowance). Hypothetically, if I had received an unexpected bonus on 30th of March 2017, let's say £20k which brings my usual salary up from £30k to £50k, is it reasonable to expect me to make suitable pension contributions before 5th April 2017? My hope is that it isn't considered reasonable and you may be allowed to address it up until you filed your tax return - am I clutching at straws or is there an element of hope with this scenario?

You definitely didn't receive the money this tax year?

EricTheKing7 · 10 January 2018 at 7:08PM

Sadly not michaels, I received the 'bonus' in Nov/Dec 2016 when exercising emi shares. The company accountant (more than) implied I would have to pay full tax on the bonus and that pensions contributions wouldn't be of benefit. I should have sort financial advise at the time but I was just too naive. We live and learn.

pennystretcher · 12 January 2018 at 4:32PM

https://www.gov.uk/tax-employee-share-schemes/enterprise-management-incentives-emis

That article seems to indicate that the tax on selling the EMI shares is CGT, not income tax?
So check your self assessment guidance, I reckon you may have to report the shares in different section than your normal income, which might actually keep you in the basic rate category.

pennystretcher · 2 February 2018 at 4:28PM

Let me know how you got on with self assessment and the shares..

Can I contribute to last year's pension

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