Self Assessment Help

[anon1234]

Good Morning

I recently discovered that I should have been completing a self assessment form going back to 2014-15 as I triggered the >£100k threshold for income.

I'm really unsure around how I should treat pensions contributions made into a company Group Flexible Retirement Plan (managed through Standard Life) and I would really appreciate peoples guidance on this.


My 2014-15 P60 income says:

Employment Pay £104k

Tax paid £33k

Tax Code 614LX

I also received P11D benefits totalling £4k


My contributions to the Group Flexible Retirement Plan are 6% of salary with a further 12% paid into the plan by my employer.

When it comes to my self assessment form do I need to address the 6% contribution anywhere - does this reduce my tax? Really have no idea!

Thank you in advance

[darthblingbling]

Did you make the payments through your payroll, or did you make the payments to the company plan personally?

[robbob]

anon1234

two most important things to ensure

(1) you declare taxable pay on tax return (not gross pay) - taxable pay should be the amount shown on the p60 - done job if you have P60 figure handy
(2) if you have made payments through payroll as a deduction from salary (not salary sacrifice) you will need to know if those payments were deducted from net or gross salary - of the two different deduction options available only deductions from net pay are included on your tax return - the other method reduces your taxable pay so that it is lower than gross pay and therefore the p60 reflects the full top wack relief available.

Any other taxable income or relief for payments due (charity payments will need to be included too if you want relief)

With your level of income i would be very careful to ensure there are no pension relief restrictions that may need reporting - basic details and a handy little table available here.

http://www.pruadviser.co.uk/content/kno ... r-earners/

[SteLacca]

Before you do anything, there is no statutory requirement to submit a Tax Return just because your income exceeds £100k. The only statutory requirement to file a Return is where HMRC issue a notice under TMA S8. You may have an obligation under S7 to notify chargeability where you have a liability to tax other than deducted at source, but again, whilst it is possible that such a notification would trigger a S8 notice, this is not guaranteed.

Ignore the guidance on .gov.uk in this regard. It's so wrong it's laughable.