Salary sacrifice pension overpayment

[Nava39]

Hello, I have unintentionally oversubscribed this tax year's SIPP salary sacrifice pension contribution through my umbrella by around £4,000.

Anyone with experience of this can advise on what my options are ?

Thanks

[sadkingbilly]

you've got 5 months left in this tax year to adjust it.
so what's the issue?

[Nava39]

you've got 5 months left in this tax year to adjust it.
so what's the issue?

thanks, what is the best way of adjusting it?
Also in the past I had seen post saying overpayment can also be beneficial, as I would pay tax on the overpayment, but save on the 2 NIs . Is that an option ?

[sadkingbilly]

ask your accountant?

[Nava39]

ask your accountant?

Pointless reply!! As clearly outlined, paid through UMBRELLA , Thus no accountant !! dahhh

[sadkingbilly]

Pointless reply!! As clearly outlined, paid through UMBRELLA , Thus no accountant !! dahhh

ok, ask AN accountant? or ask umbrella (good luck with that if not Lucy)

[sadkingbilly]

Pointless reply!! As clearly outlined, paid through UMBRELLA , Thus no accountant !! dahhh

oh, and if you're going to get stroppy, good luck.

[Nava39]

When I posted this question here earlier today, I imagined someone with previous experience would share their knowledge

Never thought I get a page full of wasted and irrelevant replies within a couple of hours

[sadkingbilly]

When I posted this question here earlier today, I imagined someone with previous experience would share their knowledge

Never thought I get a page full of wasted and irrelevant replies within a couple of hours

oh! what a shame! - well, maybe someone will come along and help you, since you're so nice and respectful.

[WTFH]

Hello, I have unintentionally oversubscribed this tax year's SIPP salary sacrifice pension contribution through my umbrella by around £4,000.

Anyone with experience of this can advise on what my options are ?

Thanks

Do you mean that you have already oversubscribed for the full year after only 7 months, or that you will have done if you keep paying at the current rate?
If it is the latter, speak to the umbrella about not paying in to the pension.
If it is the former, then you'd be best to speak to your pension advisor and maybe a tax advisor/accountant for the best way to resolve the situation.
There isn't a "one size fits all" solution, but the professionals who you pay for advice should be able to help.