Self assessment returns and pensions

Everything you need to know about making payments on account to HMRC

We at DSR Tax Claims know how complicated it can get when you are dealing with your taxes. That’s why our expert team are here to help with our series of helpful guides. We want to share our expert knowledge with you, so if you have any questions about how to deal with your pension when sorting out your tax returns then we aim to answer them for you. You could also check our handy online calculator and see if you could be owed a tax refund, or call our friendly team on 0330 122 9972.

How do you deal with your pension contributions on your self-assessment tax return?

It can be a complicated affair, trying to sort out your tax returns and make sure that your pension contributions get treated correctly. You could be entitled to tax relief on your contributions under certain circumstances. And depending on which kind of pension you are paying into, your tax calculations can change as a result. And if you are receiving a pension from somewhere as well as working, you will need to declare this extra income on a self-assessment form whether you are self-employed or a PAYE employee.

Employers pension scheme

If you pay into a basic pension plan run by your employer, you don’t need to do a thing. Your employer sorts it all out through your payroll.

Private pension

If you pay into a private pension plan, you will be taxed on your full income but you can claim tax relief to top up your pension contribution. You will need to sort this out yourself – your employer won’t do this on your behalf.

Salary sacrifice

If you take a reduced salary in lieu of pension contributions from your employer, you can cut down on your National Insurance contributions. This should be sorted out by your employer through the payroll.

What kind of information do you need?

If you have been reading through our series of helpful guides, you will probably see us stress time and time again the importance of keeping thorough records to support any claim for tax relief. When dealing with pension tax relief, this is no different. The information you will need in support of your tax return is:

  • Bank statements and building society statements or books.
  • Dividend vouchers from UK companies
  • Income and interest statements from any savings or investments you might have.
  • Records of any profits from life insurance policies.
  • Records of any trust-related income.
  • Details of any inheritance income you might acquire.
  • Statements showing any tax deducted by your bank on your behalf.
  • If you are also receiving a pension, you will need your P60 from your pension provider and your P160 (A) from when the pension began.

If you are unsure of where you might find any of this information or what it means, call our friendly team on 0330 122 9972 and we will try to help.

If you are eligible for a tax rebate due to your pension tax relief, the experts at DSR Tax Claims are at hand to help you sort it all out. We know how complicated it can all get so we deal with all of the paperwork for you and deal with HMRC on your behalf too. And best of all, the money could be back in your account within 21 days. Call us on 0330 122 9972 – we are the tax experts you can trust.

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