Are you due a tax refund on your personal pension contributions?

Are you due a tax refund on your personal pension contributions?

Uncategorised • 10th Nov, 15 • 0 Comments

Are you due a tax refund on your personal pension contributions?

Are you employed, pay 40% tax and pay into your own personal pension?
Many people don't know but you could well be due a tax refund on your personal pension contributions.

For any pensions you pay into yourself (not deducted from your wage slip before tax) then you will receive 20% tax relief from your pension provider as standard.  If you look at your annual statement from your pension provider you should see details of this and how your payments into your pension have been grossed up with the additional 20% relief.

If you pay 40% tax then you are entitled to 40% tax relief on pension contributions.  To correct this you can fill in a self assessment tax return were you can claim the additional 20% tax relief in the form of a tax refund.  It's all completely above board, your pension provider can confirm, so don't lose out on the relief you are entitled to. 

Please contact us if you think this effects you and we would be happy to look into it for you and can help you claim back the extra 20% you are entitled to in a tax refund.  You can then invest it into your pension or use it for whatever you wish, based on a pension contribution of £200 per month and depending on your earnings, you could be due a refund of £600 per year.  Dont miss out, get in touch now.

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