23/24 Pension Contributions: Act Fast
5th March 2024
With the tax year end approaching, we are busy assisting our clients with end of year planning. Pension contributions before 6 April 2024 are a valuable planning tool for all taxpayers, whether they are self-employed, Company directors or employees. Additionally we also have opportunity to support our clients when it comes to occupational schemes which, depending on the scheme adopted, offer relief at source (RAS) or on net pay arrangement (NPA).
Employers must ensure that the payroll processing of schemes is set up correctly to avoid making errors in tax relief.
Higher rate and additional rate taxpayer employees that are in a RAS scheme will need to complete a self-assessment tax return to claim their full tax relief. Something which they may not be aware of, and that we can assist with if required.
Employers should also be aware of the various potential advantages of the use of salary sacrifice for pension contributions, we would be pleased to discuss these with you.
Get In Touch
If you would like more information on any of these matters please do contact your local Whitings office.
Disclaimer - All information in this post was correct at time of writing.
