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I have just started paying into a private pension. I pay in £500 p/month, the government tops it up by £125, which relates to the tax.
Every year I fill out my tax return. I am self employed and am a sole trader, so the tax return is fairly straight forward. However, I always put 'zero' where it asks for amount paid into a pension, as I have never paid into a private pension before.
My question is, do I now enter the amount I have paid into the private pension? My concern is that i will then not pay tax on this amount, in other words I benefit twice which is wrong. However, surely the tax office knows it is paying out t he £125?
What do you guys do who fill out there own returns and pay into a private pension?
Bit confused, thanks in advance.
Every year I fill out my tax return. I am self employed and am a sole trader, so the tax return is fairly straight forward. However, I always put 'zero' where it asks for amount paid into a pension, as I have never paid into a private pension before.
My question is, do I now enter the amount I have paid into the private pension? My concern is that i will then not pay tax on this amount, in other words I benefit twice which is wrong. However, surely the tax office knows it is paying out t he £125?
What do you guys do who fill out there own returns and pay into a private pension?
Bit confused, thanks in advance.