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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4793
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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My Accountant has completed my Self Assessment form and submitted

Resolved Question:

My Accountant has completed my Self Assessment form and submitted it . I am about to pay a large amount of tax next week . I am 57 and left the NHS Pension scheme in February 14 .
My husband is asking is it too late to make a contribution to a Private Pension to offset the huge tax I am about to pay ?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
and welcome to the site. Thank you question.

You can put 100% of your salary into a pension fund to avail tax relief. There is an upper limit of £40,000 in current tax year.. In order to take advantage of tax year 2013-14, contributions should have been made before 5 Apr 2014.

The way forward would be to first use up the current year's annual allowance. YOu then jump back three years and work progessively forward. There isan example you can follow on the link here.
http://www.hl.co.uk/pensions/sipp/pension-carry-forward

I am sorry if this is not what you were expecting. You should talk to your husband's accountant and ask him to explore this.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 1 year ago.
Thank you . It would appear from what you say that ;
1) Even though my Accountant has completed and submitted my Tax return that it still could be amended at this late hour ?
2) Are you saying that between April 14-April 15 ,because I have not made any contribution to any Pension Scheme , I could invest upto £40K in a SIPP ?
3) If this is so I shall ring my Accountant on Monday 26/1/15 and ask him to recall and amend my Tax Form
A)-do you think it is physically possible to do this?
B) is it possible to set up a SIPP and invest several thousand pounds in literally a day or two ?
Expert:  taxadvisor.uk replied 1 year ago.
Thank you reply.

You can put upto £40k (it is the lower of 100% of salary or £40k) in the current tax year 2014-15.

The tax return filed online by your accountant is year 2013-14. You can make amendments to your original submission up to end Jan 2016...you don't recall the original return but send an amended return.

You should not rush but explore your options/choices and make a payment before 5 Apr 2015.

I hope this is helpful.
Customer: replied 1 year ago.
Thank you very much . I now understand . Your answer has been very helpful. Will all this be emailed to me so I can reread it carefully ? Many thanks .
Expert:  taxadvisor.uk replied 1 year ago.
Thank you reply and your good words.

This answer will remain here and you can access it anytime. You may wish to copy paste our exchanges as we are not allowed to email to customers.

I hope this is helpful.

If you are happy and there are no more issues I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited .

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4793
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 1 year ago.
I thank you my answer.

Best wishes.

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