Paying taxes is part of our contribution to society but, writes Jacqueline Clezy, surely nobody wants to make tax-efficient pension provision that turns out to be less efficient than actually planned
The end of the tax year has been and gone, P60s have landed on doormats and, with no changes to the pension tax relief rules, it is now possible to work out accurate relevant earnings - especially so for those clients with variable earnings, such as those who are self-employed. But what happens if these calculations show that pension contributions made during 2018/19 are not fully entitled to tax relief? It is important to remember that tax relief limits and the annual allowance rules work separately. Here is a rundown of the basics. Tax relief on pension contributions An individual...
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