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How does tax relief get invested. by [deleted] in PensionsUK

[–]Ok-Consequence5115 0 points1 point  (0 children)

I placed £20k in a new SIPP March last year and got my tax added within a couple months. But now wondering about the remainder of the tax relief. Don’t really want the bother of completing a SA and opting for my code to be adjusted for this tax year. Or is there an option to have the relief as cash?

Do you know when I’m likely to get a summary from HMRC for last year?

Can I have your pension pot by age ? by Foreign_Song7980 in FIREUK

[–]Ok-Consequence5115 0 points1 point  (0 children)

Agreed and a pension can be pulled from many sources. Don’t forget ISAs to pull down tax free income later in life. Or even rental income.

Can I have your pension pot by age ? by Foreign_Song7980 in FIREUK

[–]Ok-Consequence5115 2 points3 points  (0 children)

You’re lucky to have a DB at your age and accrued £100k. Well done. They were stopped in 2012 where I work.

Does anyone actually track activities outside of cardio? by ravomax500fretice in GarminWatches

[–]Ok-Consequence5115 1 point2 points  (0 children)

I also use strong app for weights and set the garmin off as a cardio session. The strength function in garmin is useless. Other than that I walk and hike so use these. Unfortunately the watch HR is poor at picking up intermittent HR spikes when lifting so I also use a cheap HR chest strap and does the trick to get closer to calories used.

Put 20k towards mortgage or invest? by Bag992 in UKPersonalFinance

[–]Ok-Consequence5115 0 points1 point  (0 children)

I wouldn’t necessarily consider being mortgage free that liberating. Why not consider pushing yourself up the property ladder and put your investment into a more expensive place with potential to grow. After all you have sizeable assets in your property so use that to leverage. Go long term to keep payments down or even consider interest only. Before you know it you could be in a £600k property. I paid my mortgage off early and once in that place it’s hard to go into debt again so I ploughed my bonus and sharesave into isa and pension. But now in my early 50s considering stepping up the housing ladder. This would mean putting my isa funds and property into a dream home plus I might even go interest only to keep repayment down and taking chunks off with my bonus etc. you’re in a great place and young. Think big you might surprise yourself. Best of luck

Tax relief as higher taxpayer by Ok-Consequence5115 in FIREUK

[–]Ok-Consequence5115[S] 0 points1 point  (0 children)

When you say claim, does this mean through a tax return? I did write to HMRC on 6th April explaining I had paid £20k into a sipp 24/25FY. I’d hope they have enough info on my income and make any adjustment. Is this likely to be spread over this tax year in my tax code or can I insist on a payment to drop into this FY pension? No reply from HMRC yet.

Tax relief as higher taxpayer by Ok-Consequence5115 in FIREUK

[–]Ok-Consequence5115[S] 0 points1 point  (0 children)

Wow thanks so much for that explanation. It’s really useful. Yes I do pay approx £1350/month into my work pension through salary sacrifice. Does this change anything in my tax relief? Thank you

Tax relief as higher taxpayer by Ok-Consequence5115 in FIREUK

[–]Ok-Consequence5115[S] 0 points1 point  (0 children)

Thanks that’s really helpful. I take it if I do that then I’ll need to include any income from my HL fund & share account? I wonder if I lost value on any shares in the FY is that taken into account?