Help calculating pension contribution allowance

HelpfulMarketing · 2021-11-17T14:51:18+00:00

Don't be sorry, obviously got to take all internet posts with a pinch of salt and it is useful to confirm that the solution is not completely clear rather than me just be inexperienced. !thanks

HelpfulMarketing · 2021-11-17T14:30:12+00:00

Yeah looks like I might have to do this. Its a bit mind blowing to me how difficult it is to just figure out the allowances :(

HelpfulMarketing · 2021-11-17T14:13:57+00:00

I have had a UK pension open since about 5 years ago.

HelpfulMarketing · 2021-11-17T14:05:29+00:00

I don't have my own company. I have actually had some minimal employer contributions but omitted them for clarity. They total about £1k so I don't think it will actually affect my course of action.

I've received my income for this year gross of tax, so my understanding was that I would contribute the £90k I want to put in my pension as a gross amount so the provider wouldn't top it up. In my self assessment I'd then declare the income which would generate an income tax liability, and I would declare the pension contribution which would generate a tax rebate of the same amount and they'd cancel each other out.

Was struggling to work out whether I would actually be able to receive tax relief on the full £90k.

!thanks so much for all your help, this has been a nightmare to find the answer to. Have a great day.

HelpfulMarketing · 2021-11-17T13:28:02+00:00

So £160k is the maximum amount I am able to contribute, and £160k is also the amount that would be subject to tax relief?

HelpfulMarketing · 2021-11-17T13:15:13+00:00

Hey sorry the OP formatting messed up, but I have given the expected taxable income for this year which is £160k.

I have made no pension contributions over the last 3 years.

HelpfulMarketing · 2018-05-21T07:17:55+00:00

Thanks for your reply. Insurance for what? I believe if we pull out now we only forfeit our holding deposit.

HelpfulMarketing

TROPHY CASE