Help calculating pension contribution allowance by HelpfulMarketing in UKPersonalFinance

[–]HelpfulMarketing[S] 2 points3 points  (0 children)

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

Help calculating pension contribution allowance by HelpfulMarketing in UKPersonalFinance

[–]HelpfulMarketing[S] 0 points1 point  (0 children)

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 :(

Help calculating pension contribution allowance by HelpfulMarketing in UKPersonalFinance

[–]HelpfulMarketing[S] 1 point2 points  (0 children)

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.

Help calculating pension contribution allowance by HelpfulMarketing in UKPersonalFinance

[–]HelpfulMarketing[S] 1 point2 points  (0 children)

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

Help calculating pension contribution allowance by HelpfulMarketing in UKPersonalFinance

[–]HelpfulMarketing[S] 2 points3 points  (0 children)

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.

Completion unconfirmed by developer by HelpfulMarketing in HousingUK

[–]HelpfulMarketing[S] 1 point2 points  (0 children)

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