🌟 Don’t Miss Out on Your Pension Perks! 🌟
Did you know thousands of higher-rate taxpayers in the UK could be missing out on a hefty financial perk? If you’re earning £50,270 or more, it’s time to take a closer look at your pension contributions!
Here’s the scoop: Basic-rate taxpayers enjoy a sweet 20% tax relief automatically on their pension contributions. But if you’re a higher earner in the 40% or 45% tax bracket, you might need to act to claim the additional relief you’re entitled to. Last year alone, around 800,000 people missed out on an average of £1,756 in extra tax relief. 😲
Former Pensions Minister Sir Steve Webb warns that with more people being pulled into higher tax brackets, it’s crucial for everyone to claim what’s theirs. If you’re new to the 40% tax band, don’t assume you’re only getting the 20% relief – you could be missing a chunk of change!
Charlene Young from AJ Bell reminds us that failing to claim back the full 40% tax relief means you’re giving away free money. So, make sure you’re not falling into this common trap – double-check your relief at source!
HMRC is also urging taxpayers to claim the full tax relief they deserve. If you’re a higher or additional-rate taxpayer, it’s a good idea to see if you need to file a self-assessment or reach out directly to HMRC. They want to make sure everyone gets back what belongs to them.
Keep tabs on your hard-earned cash and make sure you’re not leaving money on the table. Share this info with friends and family – let’s help each other out! 💬💸
#PensionPerks #TaxRelief #MoneyMatters #HMRC #HigherRateTaxpayer