The way pay-as-you-earn (PAYE) taxpayers can make a pension tax relief claim has changed with HM Revenue and Customs (HMRC) confirming all claims must be made online or by letter and include supporting evidence.<\/p>\n
<\/p>\n
Launched on 1 September, this means taxpayers cannot make a claim via a telephone call. All pension tax relief claims will only be accepted online or by post.<\/p>\n
HMRC is trying to modernise its systems and is making a concerted effort to push taxpayers to make all claims and file returns online.<\/p>\n
The main change to their pension tax relief claiming process is removing the ability to make a claim via telephone. While they have kept making claims by post, HMRC is keen to ensure taxpayers are using their online services.<\/p>\n
In addition to this, the other significant change is asking for all pension tax relief claims to include supporting evidence.<\/p>\n
Previously, taxpayers who met the specific criteria in place were asked to provide evidence for their claim, but under the new regulations, all claims will be required to submit supporting evidence.<\/p>\n
Your evidence must be a letter or statement from your pension provider or a payslip from your employer.<\/p>\n
Those letters or payslips must include your full name, details of pension contributions paid and the tax year they relate to.<\/p>\n
They also must show if the claim relates to a workplace pension and if you received a 20 per cent tax relief automatically.<\/p>\n
It\u2019s important to remember when filing your claim that you must provide supporting documents for each tax year your claim relates to.<\/p>\n
If you are self-employed and are filing self-assessment returns, you can make a pension tax relief claim, but you must make this claim through your tax return.<\/p>\n
Whereas, if you are a non-self-assessment taxpayer, there are several reasons why you might file a tax relief claim on pension contributions.<\/p>\n
One example is if you are paying Income Tax, in a higher band. Taxpayers who are paying Income Tax at 40 per cent can claim an extra 20 per cent in tax relief.<\/p>\n
For basic taxpayers, it is slightly different, so if you are contributing to a company pension scheme that does not claim tax on or where a net pay scheme isn\u2019t in place, you could file a tax relief claim.<\/p>\n
Before you consider filing a pensions tax relief claim, you need to analyse your current finances and obtain all your documents, including your pension statements as well as your payslip.<\/p>\n
Gathering this information early helps you file the claim at a much quicker pace, but you should also check that you are eligible to make a claim.<\/p>\n
This is where you should contact an accountant or finance expert, who will explain how the process works and clarify if you are liable to claim.<\/p>\n
Check your eligibility to claim with our team, contact us today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" The way pay-as-you-earn (PAYE) taxpayers can make a pension tax relief claim has changed with HM Revenue and Customs (HMRC) confirming all claims must be made online or by letter and include supporting evidence.<\/p>\n","protected":false},"author":2,"featured_media":6592,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,125],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/6589"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=6589"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/6589\/revisions"}],"predecessor-version":[{"id":6590,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/6589\/revisions\/6590"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/6592"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=6589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=6589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=6589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}