Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • 123mat123
    • By 123mat123 15th Jan 20, 6:13 PM
    • 108Posts
    • 34Thanks
    123mat123
    Exceeding 40k pension contributions
    • #1
    • 15th Jan 20, 6:13 PM
    Exceeding 40k pension contributions 15th Jan 20 at 6:13 PM
    I have been careful not to exceed 40k through salsac but am near this limit

    Last year's pension contributions were about 20k

    If I wanted to create a new 'small pot' pension of 10k this year to use last years allowance is there any special paperwork to send to HMRC.

    Am on paye, basic tax payer and don't do self assessment.

    If I do nothing am I in danger of exceeding this years allowance or is the excess automatically applied to previous years allowances.
Page 1
    • Dox
    • By Dox 15th Jan 20, 6:28 PM
    • 1,882 Posts
    • 1,411 Thanks
    Dox
    • #2
    • 15th Jan 20, 6:28 PM
    • #2
    • 15th Jan 20, 6:28 PM
    Slightly heavy duty reading, but answers your questions + others which might spring to mind: https://www.gov.uk/guidance/check-if-you-have-unused-annual-allowances-on-your-pension-savings
    • drumtochty
    • By drumtochty 15th Jan 20, 6:38 PM
    • 324 Posts
    • 189 Thanks
    drumtochty
    • #3
    • 15th Jan 20, 6:38 PM
    • #3
    • 15th Jan 20, 6:38 PM
    You do have enouch taxable income in this case around 50,000 less your employers contribution.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

19Posts Today

3,911Users online

Martin's Twitter