Pension as outgoings??

[theplayroom]

Hi all long story short am thinking about giving up my part time employed worka t a school and increasing my CM work but that means freezing my council pension, does anyone pay into a pension and can you put that down as expenses??

Any advise on pensions and tax etc will be massively welcome im so confused!

[miss mopple]

I am pretty sure pension payments are tax deductable, but not sure how you enter them. I think there is a seperate box on the tax return.

I would ring the IR and check to be sure

[peanuts]

theres a bit on the tax return about pensions

[Chatterbox Childcare]

I would have thought that paying into a pension would not be tax deductable like NI but I would call the IR for clarification

[sarah707]

I would suggest you get a pension forecast first.

That will tell you exactly what your contributions will give you when you retire.

You can make a more informed decision then :D

[chani]

Pension contibutions are tax deductible, but only upto the higher of £3600 pa or 100% of annual income.

If you receive Housing Benefit, then 50% is disregarded for HB/CTB purposes.

[sarah707]

Pension contibutions are tax deductible, but only upto the higher of £3600 pa or 100% of annual income.

If you receive Housing Benefit, then 50% is disregarded for HB/CTB purposes.

Thank you for your input Chani.

However we always recommend with situations like this that our members contact the Inland Revenue direct.

This is so that they are fully informed before making a decision.

This is especially true of things like pensions where their futures can be affected by receiving wrong advice.

As I recommended in my post, if the member gets a pension forecast first then s/he will see the exact position of current pension contributions.

Then as Debbie suggested in her post, the member is advised to contact the IR for more information.

:D