How To Calculate Pension Contribution Tax Relief
8.8 هزار بار بازدید -
2 سال پیش
-
When you make pension contributions
When you make pension contributions the taxman will top up your savings by paying cash directly into your plan. That means for every £80 you invest, the taxman will put in an extra £20, or 20%.
Your contributions are treated as having been paid out of income that has already been taxed at the basic income tax rate of 20%. The taxman is therefore refunding the income tax you’ve already paid.
The company that manages your pension plan will claim this money for you from the taxman and credit it to your account, so you don’t need to do anything, unless you’re a higher rate taxpayer.
Other videos about pensions you might like: Pensions
📗 Buy my new book: The Retirement Café Handbook – Nine Accelerators for a Successful Retirement: https://amzn.to/3Q686I8
Thanks for checking out my You Tube channel - I’m Justin King and my aim is to help people to live successful lives. That often involves understanding your money.
If you enjoy this video, please press the like button to help more people like you find my channel.
If you're planning your retirement and want to make the best use of your wealth to provide for your family throughout retirement and beyond, or work out how best to pay for a loved one’s care, I may be able to help you.
As a Chartered Financial Planner at boutique retirement planning practice, MFP Wealth Management, I help successful people retire with complete confidence.
To explore whether I could help you, get in touch at https://www.mfpwealthmanagement.co.uk.
Get my weekly newsletter: https://bit.ly/MFPNews
Check out my podcast: https://www.theretirementcafe.co.uk/
Connect with me:
On Twitter: Twitter: JustinKingCFP
On LinkedIn: LinkedIn: justinking-online-retirement-planner-ifa
This video is for information and entertainment only. Nothing on this channel constitutes financial advice. Please do not make any decisions based on the contents of my videos; seek professional independent financial advice first!
Your contributions are treated as having been paid out of income that has already been taxed at the basic income tax rate of 20%. The taxman is therefore refunding the income tax you’ve already paid.
The company that manages your pension plan will claim this money for you from the taxman and credit it to your account, so you don’t need to do anything, unless you’re a higher rate taxpayer.
Other videos about pensions you might like: Pensions
📗 Buy my new book: The Retirement Café Handbook – Nine Accelerators for a Successful Retirement: https://amzn.to/3Q686I8
Thanks for checking out my You Tube channel - I’m Justin King and my aim is to help people to live successful lives. That often involves understanding your money.
If you enjoy this video, please press the like button to help more people like you find my channel.
If you're planning your retirement and want to make the best use of your wealth to provide for your family throughout retirement and beyond, or work out how best to pay for a loved one’s care, I may be able to help you.
As a Chartered Financial Planner at boutique retirement planning practice, MFP Wealth Management, I help successful people retire with complete confidence.
To explore whether I could help you, get in touch at https://www.mfpwealthmanagement.co.uk.
Get my weekly newsletter: https://bit.ly/MFPNews
Check out my podcast: https://www.theretirementcafe.co.uk/
Connect with me:
On Twitter: Twitter: JustinKingCFP
On LinkedIn: LinkedIn: justinking-online-retirement-planner-ifa
This video is for information and entertainment only. Nothing on this channel constitutes financial advice. Please do not make any decisions based on the contents of my videos; seek professional independent financial advice first!
2 سال پیش
در تاریخ 1401/05/25 منتشر شده
است.
8,854
بـار بازدید شده