SIPP and online self assessment

[megaphone]

My accountant retired last year. I'm doing my own self assessment online for the first time. My finances are reasonably straight forward, I'm self employed. Standard rate tax payer.

I have a SIPP which I've paid a few lump sums into over the past few years, the tax relief is then added into the fund. The self assessment asks about personal pension contributions but does not specifically mention SIPPS, should I be including the contributions I've made?

[mx stu]

megaphone said:

My accountant retired last year. I'm doing my own self assessment online for the first time. My finances are reasonably straight forward, I'm self employed. Standard rate tax payer.

I have a SIPP which I've paid a few lump sums into over the past few years, the tax relief is then added into the fund. The self assessment asks about personal pension contributions but does not specifically mention SIPPS, should I be including the contributions I've made?

Yep a SIPP is a Self Invested Personal Pension.

[sumo69]

Yes - MXSTU is correct.

David

[Eric Mc]

EVERY client tell me their affairs are straightforward.

[megaphone]

Thanks for confirming this.

I have another question about contribution limits, am I right, can I contribute up to 100% of my annual income into a SIPP?

[Eric Mc]

I thought you said your affairs were straightforward?

[Ginge R]

megaphone said:

I have another question about contribution limits, am I right, can I contribute up to 100% of my annual income into a SIPP?

Not all 'annual income' is classed as qualifying income for the purposes of making payments into a pension and obtaining tax relief.

For instance, income from pensions already in payment won't count as annual income in order to prevent it being churned into another pension (unless the amount you want to pay may be offset against pre-existing qualifying income).

[megaphone]

Thanks to those who gave helpful posts. My tax return has now been completed!