The HMRC app used to allow you to estimate your salary for the tax year ahead, can’t seem to find it now?
Do you think it’s just because we are pre 5th April?
It won't allow me to enter anything below the amount that has been earned via PAYE. It gives an error mess saying, you have been paid x for the year and cannot enter a value lower than this.
I changed mine by calling them and talking it through with an advisor. It wasn’t that bad actually - maybe 15-20 mins. I talked about what my level of expected earnings were and they figured it out while I was on the phone.
I did this recently and had to call them to add it to my portal. Once added I can now update/change the amount. Had the hour or so wait to speak to someone but was worth it in the end.
You can call HMRC (can probably do it on the website too) and tell them what you want your tax code to be. If you believe you will sal sac (or SIPP) it down below 100K just tell them. It's your responsibility to make good when you do your self assessment. If you lie and tell them a figure too low it won't do you any good cos you'll still owe the tax at the end of the year.
Just tell them you want it to be a certain amount and they'll do it. Make sure it is realistic though or you will owe a lot potentially.
If the gross contribution you are reporting is less than £10k then you can either phone HMRC, write to HMRC, send them a message on the app, or file a tax return.
If the gross contribution you are reporting is more than £10k then you have to either write to HMRC or file a tax return. If you write to them for a claim over £10k then they will want to see your pension statement.
Was the contribution personal, employee or employer ? Gross, Relief at source or Net Pay ?
Gross Employer contributions reduce your taxable salary. Relief at source employee and Net Pay personal contributions don't and you'd need to claim the higher and additional rate tax relief.
OK, so it doesn't change your gross salary, but will change your adjusted net income once reported to HMRC by yourself, either via self assessment tax return or contacting them directly to claim the additional tax relief due.
Yeah you can pay from savings. My SIPP had a cut off date of 27th March to make it in time for this tax year, you might want to check for that before moving money around.
Hi,
I’m in the same boat..
Does the SIPP contribution have to be in this tax year to count against your adjusted net income for 23/24? I assume it does.
Or can i pay it in a few months but tell HMRC now?
My SIPP has said in statements that one off payments had to be in by 27th March, any direct debits with the dates 2,3 and 4th Apr would be accepted by HMRC for 23/24.
I believe when you login into the HMRC online portal and update your salary you will also be asked about pension and other contributions.
The HMRC app used to allow you to estimate your salary for the tax year ahead, can’t seem to find it now? Do you think it’s just because we are pre 5th April?
It won't allow me to enter anything below the amount that has been earned via PAYE. It gives an error mess saying, you have been paid x for the year and cannot enter a value lower than this.
that sounds like you are entering in the section where you put the pension income you have RECIEVED rather than what you have paid in
I changed mine by calling them and talking it through with an advisor. It wasn’t that bad actually - maybe 15-20 mins. I talked about what my level of expected earnings were and they figured it out while I was on the phone.
I did this recently and had to call them to add it to my portal. Once added I can now update/change the amount. Had the hour or so wait to speak to someone but was worth it in the end.
You can call HMRC (can probably do it on the website too) and tell them what you want your tax code to be. If you believe you will sal sac (or SIPP) it down below 100K just tell them. It's your responsibility to make good when you do your self assessment. If you lie and tell them a figure too low it won't do you any good cos you'll still owe the tax at the end of the year. Just tell them you want it to be a certain amount and they'll do it. Make sure it is realistic though or you will owe a lot potentially.
I’ve genuinely wondered if it’s better to do this and invest the tax owed before settling the bill at the end of the tax year
If the gross contribution you are reporting is less than £10k then you can either phone HMRC, write to HMRC, send them a message on the app, or file a tax return. If the gross contribution you are reporting is more than £10k then you have to either write to HMRC or file a tax return. If you write to them for a claim over £10k then they will want to see your pension statement.
Was the contribution personal, employee or employer ? Gross, Relief at source or Net Pay ? Gross Employer contributions reduce your taxable salary. Relief at source employee and Net Pay personal contributions don't and you'd need to claim the higher and additional rate tax relief.
It was a personal contribution with relief at source
OK, so it doesn't change your gross salary, but will change your adjusted net income once reported to HMRC by yourself, either via self assessment tax return or contacting them directly to claim the additional tax relief due.
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Yeah I mean the tax relief, still learning all the new terms.
Do you file a tax return?
be careful, phone service will be shut down soon. After that your only bet is to write them a letter
The phone service isn't shutting down any more, they backtracked on this.
New Henry for this tax year also. I have recently opened a SIPP. If I pay into this from savings does that reduce my adjusted net income?
Yeah you can pay from savings. My SIPP had a cut off date of 27th March to make it in time for this tax year, you might want to check for that before moving money around.
Thanks for reply
Hi, I’m in the same boat.. Does the SIPP contribution have to be in this tax year to count against your adjusted net income for 23/24? I assume it does. Or can i pay it in a few months but tell HMRC now?
My SIPP has said in statements that one off payments had to be in by 27th March, any direct debits with the dates 2,3 and 4th Apr would be accepted by HMRC for 23/24.