New to contracting and never had to do a self assessment return before and was wondering if I have to do one to declare the following.
Last year (22-23) it looks like I will have gone over the £40k max pension contributions as I contributed a lump sum to which tax relief has been applied and this has taken me over the 40k
This year I have contributed the max and now stopped but now after looking things up I have to also take into account any increase in benefits from a defined benefit scheme (in my case the civil service pension, which I've now asked for as the portal doesn't tell me!)
My 21-22 contributions were low so I can use this as carry forwards..
Do you have to inform HMRC regarding the calculations? They have a calculator on their website but nothing that clear on what you have to do? Should I just be filling in a self assessment for 22/23 and then 23/24? So far I haven't had to do one as my tax was simple PAYE with nothing earned outside of employment. This year I'm pretty sure I'll have to do one as interest on my savings outside an ISA will need to be taxed due to the higher interest rates taking me over the £1k allowance.
Andrea
Last year (22-23) it looks like I will have gone over the £40k max pension contributions as I contributed a lump sum to which tax relief has been applied and this has taken me over the 40k
This year I have contributed the max and now stopped but now after looking things up I have to also take into account any increase in benefits from a defined benefit scheme (in my case the civil service pension, which I've now asked for as the portal doesn't tell me!)
My 21-22 contributions were low so I can use this as carry forwards..
Do you have to inform HMRC regarding the calculations? They have a calculator on their website but nothing that clear on what you have to do? Should I just be filling in a self assessment for 22/23 and then 23/24? So far I haven't had to do one as my tax was simple PAYE with nothing earned outside of employment. This year I'm pretty sure I'll have to do one as interest on my savings outside an ISA will need to be taxed due to the higher interest rates taking me over the £1k allowance.
Andrea
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