Tax Returns

Cheers.

Do you have any S&S isa that you could bank a loss on?
You need to add £15k into your pension to not be taxed on it to answer your question

can refer you to ii.co.uk

First! 2022/23 tax return done, now awaiting rebate as my total was less than the first payment on account I made in January

Claiming higher rate tax relief on auto-enrolment pension contributions - how do?

Apparently I don't need to complete a self-assessment and can call or write to HMRC, but I gave up waiting on hold. Does anyone know what I need to send them as I can't find it online.

'Hi, please can I have an extra 20% please'...

Unless I'm mistaken, wouldn't auto-enrolment pension contributions be taken from gross pay, therefore no tax relief needs to be claimed?

If you're a higher rate tax payer then you need to let HMRC know. @umop3pisdn Im pretty sure you can do this virtually though. I realised that was the reason I got whammed with an unexpected tax bill this year :'( bc we had changed provider or something (or I messed something up).

Dear Sir/Madam
REF: Your Full Name
Your Date of Birth
Your National Insurance Number
I wish to claim higher rate tax relief in respect of contributions I have made to my Personal
Pension Plan with XYZ Pension Company, plan reference number 123456789.
This claim is in relation to the tax year 6th April 20XX to 5th April 20YY during which I
contributed £xxx gross per month (or insert total for the tax year).
Please make your payment to:
ABC Bank
Branch
Sort Code
Account Number
My personal contributions are currently £xxx gross per month.

Yours faithfully,

@umop3pisdn

Could be either. I ended up switching to Salary Sacrifice due to what @umop3pisdn describes. It's been super vague for years.

This sounds perfect, ta.

Just moved tax codes - is there somewhere I can find out if this is right that doesn't involve trying to call hmrc or speaking with an accountant?

Your payroll team at work?

yeah I suppose, almost as helpful and easily reachable as hmrc...

I had some luck just googling tax codes to find out what they meant

Ours are helpful, first time for everything.

You may know this already, but you can tell HMRC your estimated income for the year via their website, and it’ll work out the best tax code for you and share it with your employer.

Payroll can only tell you HMRC issued the tax code, not whether it is right or not
Tax is personal, you may have taxable income from another source and your employer has no right to know it.

(Payroller by trade)

I am an additional rate earner with a single PAYE income, so I am required to do a self assessment tax return each year.

Would I benefit from a tax advisor?

Just to do the self assessment? Not if your income is PAYE and you've not got any more exotic forms of income. Fill out the boxes, hit send. It's straightforward and doesn't take long.

Yeah, that's what I do... And each time I get planted with a whopping tax bill.
I pay each month to the agreed code from my payslip.

I just feel like I am missing a trick

I just feel like I am missing a trick

I feel like there's something you haven't mentioned. Income from investments?

Nope. Nothing like that.
I have ISA's which are in full accumulation mode, no income from them

My only income is my salary

Have you checked that HMRC have a accurate figure for your expected income this tax year?

Yup.
They do

To be fair, the tax on [at least] £125,140 will be a reasonably whopping number.

Sounds like you’re on the wrong tax code so getting undercharged through the year.

Or if you want/can make more pension contributions to offset

https://listentotaxman.com/ says someone would pay £42,512.40 if they earned that in 2022/23.