Tax Re turn Question

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Tax Re turn Question

Postby DasNutNock on Sun Jan 07, 2018 11:33 am

HMRC apparently don't need me to submit a return this year, though I'm prepared to do so if its potentially advantageous. I pay my company pension contributions as a salary sacrifice, so nothing to mention there, but I also have a small private pen that I paid out of post-tax salary. I get private health with the company - the number on my P11D is roughly 40% of what I paid into that private pen.

Is it worth me submitting a return on that basis? Do I potentially have more relief to claim back on the pen contributions than I'd have to pay on the private health tax?
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Re: Tax Re turn Question

Postby 3times on Mon Jan 08, 2018 10:01 pm

Pension conts attract 20% relief at source. Anything extra relief has to be claimed by way of a return.
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Re: Tax Re turn Question

Postby DasNutNock on Mon Jan 08, 2018 10:05 pm

That's what I assumed, but is that offset by the private health tax (or have I paid that already?). The number on my P11D for the benefit in kind for the health cover is roughly twice the pension tax i'd be claiming (at the additional 20%).
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Re: Tax Re turn Question

Postby swash on Mon Jan 08, 2018 10:40 pm

your private health is going to be taxed whether you do a return or not, it will either be in your tax code so its coming out of your monthly salary or if its not you'll get a bill at the end of the year
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Re: Tax Re turn Question

Postby RichieRiv on Mon Jan 08, 2018 10:40 pm

How are your Private Healthcare premiums paid? Are they included as a credit along with your monthly salary? If so then you would have paid the tax on the premiums at source.

You should complete a self assessment if you are paying into private pension if you are a higher rate tax payer. That is unless you your tax code has been adjusted to give you the relief. Bog standard tax code for 17/18 is 1150L
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Re: Tax Re turn Question

Postby DasNutNock on Tue Jan 09, 2018 8:23 am

Cheers chaps, I shall get one submitted. Appreciate the explanations :thup:
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