Claiming Tax Relief On Pension Payments – Higher-Rate Taxpayers
It’s surprising how many higher-rate taxpayers are not claiming the additional tax relief on contributions they make to their personal pension. For example, if you currently pay into a pension scheme you will get relief at the basic rate of tax 20%. This relief is calculated by the pension administrator and added to your pension pot.
However if you are a higher-rate tax payer (currently 40%), in most circumstances you can claim the extra 20% relief simply by completing a Tax Return. HMRC will either refund you the additional relief, or it will offset any additional tax liability generated by the tax return. Either way, you receive the savings.
If you are in this situation, we would advise you to file a Tax Return and claim the extra relief to which you are entitled and, if you are not currently registered for self-assessment, we can advise you on this free of charge.
Taxeezy Online Tax Return Service
Completing your Tax Return correctly, particularly when non-resident, is not an easy task and also can be very time consuming. For only £130 we can complete and file your Tax Return for you and ensure you claim all the allowable expenses and reliefs you are entitled to (Tax Treaty Claims and Capital Gains are subject to a £25 surcharge), saving you tax. Simply provide us with the information we ask for then leave the rest to us.
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