Are you getting full tax relief on your pension contributions?

Here is one for you to think about.

Do you contribute to a pension either for yourself or your staff?

Where an employer has set up a stakeholder or similar pension scheme for their staff and an employee who is a higher rate tax is contributing to the scheme, the employee will not automatically get higher rate relief for their contributions and will need to make a claim for this relief on a tax return. This is a common situation which is often not known.

You could be contributing to your employer pension scheme thinking you are getting full relief but actually you are not making the most of it. Go away and speak to your HR Department or direct to your pension company to find out which scheme you are on.

At Ljd we can advise people whether they are getting full relief for their pension contributions and if not make the appropriate claims on the self assessment tax returns.

Please do not hesitate to get in touch for further guidance mitch@ljd.uk.com

Mitch Young from Lerman Jacobs Davis helping you and your business to count!