HMRC - 2023-2024 - Tax Returns?

dirtychinchilla said:
I also found that I receive tax relief on my pension automatically, but noly for 20% when I'm a higher rate tax payer. Hopefully that means some extra ££ will be coming my way.

Out of the blue, I've been contact by a financial advisor. I'm interested in hearing what he recommends - I'm sure his fees will be far outweighed by his help.
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Do you not do Self Assesment forms then? If not, then I'm not sure how you will claim the extra % back.
 
EvilRob said:
The higher rate relief isn't automatic, you have to claim it. Either via your tax return or if you don't do one I think there might be a form just for that.
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Been over this in this thread already, but why is this the case do we know? Why can the government work out when we are due to pay 20% and sort that accordingly, but not with 40%? Cynical perhaps, but I can't help but think it's because it's an ignorance tax.
 
Zefan said:
Been over this in this thread already, but why is this the case do we know? Why can the government work out when we are due to pay 20% and sort that accordingly, but not with 40%? Cynical perhaps, but I can't help but think it's because it's an ignorance tax.
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Well I had no idea for 4+ years and potentially missed a few grand back. Hopefully the 2 older years I sent a letter off will get some money back too.

Funnily enough the pension at work are now changing to salary sacrifice so won't have to do it again after this year
 
Zefan said:
Been over this in this thread already, but why is this the case do we know? Why can the government work out when we are due to pay 20% and sort that accordingly, but not with 40%? Cynical perhaps, but I can't help but think it's because it's an ignorance tax.
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Because it’s the pension fund that claims it, not the government. To make it work you’d need to share income data with the pension providers.
 
Pudney said:
Because it’s the pension fund that claims it, not the government. To make it work you’d need to share income data with the pension providers.
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I understand that, but they must have knowledge of your income surely or those who earn under the personal allowance will be getting an undeserved 25% bump.

Liquid_Entity said:
Well I had no idea for 4+ years and potentially missed a few grand back. Hopefully the 2 older years I sent a letter off will get some money back too.

Funnily enough the pension at work are now changing to salary sacrifice so won't have to do it again after this year
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Oof, fingers crossed.
 
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Zefan said:
Been over this in this thread already, but why is this the case do we know? Why can the government work out when we are due to pay 20% and sort that accordingly, but not with 40%? Cynical perhaps, but I can't help but think it's because it's an ignorance tax.
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Yes I always wondered this. I guess it could be variability of income, i.e. if you earn a bonus etc... I think the HMRC has always put the onus / responsibility of people's tax affairs on them, and the basic tax system (PAYE) largely covers the majority of the working population, edge cases probably creates too much complexity for an automated system - or at least it did before the world of automated data, ML and other things... however, a lot of people also don't trust government to maximise their best interests, so I guess if you're a high earner you'd be more comfortable managing your finances.

My tax codes are all over the place over the last 6 months, so I'm on an emergency tax code, despite being £974 in credit from previous tax year. It does get frustrating when you're tweaking your tax affairs.
 
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EvilRob said:
No, you get the relief regardless afaik.
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Just saw this, that's - on the face of it - quite annoying. I'm sure there are arguments to be made about low earners needing assistance etc etc but I can't help but feel it's a pretty weird way of going about it.
 
dirtychinchilla said:
How did you structure your letter? Is it just, "Oi, I've paid too much tax, pay me the difference." Or did you calculate it?
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Yeah pretty much. They would have had SA from when I filled it out and I just gave them my net or gross (can't remember which one) contributions and guess I'm hoping they can figure it out.
 
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Told them to take it from my tax code this year because it was under 3000.... just got a letter with a fine because it hasn't been paid
 
blairw said:
Told them to take it from my tax code this year because it was under 3000.... just got a letter with a fine because it hasn't been paid
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Had the same despite them taking 3x what they should from my wages.
So much fun today trying to sort that one out.
They won’t refund the £50 fine despite their **** up, and now I have to appeal it.
I’m just going to go back to paying x amount direct debit every month.
 
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