Pensions payments to reduce tax liability

[_DJ_]

Hi all,

I'm hoping this is a relatively simple one, but I'm a financial luddite so need help.

A friend of mine gets a bonus paid in March. In 2024 that payment was late so it fell into this tax year.

As a result their tax liability is larger than they'd hoped for. One solution to this (we thought) was to pay into a pension to reduce taxable income.

On a call to HMRC this morning they advised that was not possible since they'd missed the 13th March deadline.

Is that right?!

[worsy]

No. Friend has until April 5th to pay in.

[_DJ_]

worsy said:

No. Friend has until April 5th to pay in.

That's what we had expected to be the case, but did ask HMRC on the assumption they'd know the rules. What they didn't want to do was throw a lot into their pension but still be taxed and have to find the money for that too...

[Jockman]

Unless there's a rule I didn't know about then HMRC work to the 5th April deadline like the rest of us

Sure you're not getting mixed up with an Ocado delivery email?

[_DJ_]

Jockman said:

Unless there's a rule I didn't know about then HMRC work to the 5th April deadline like the rest of us

Sure you're not getting mixed up with an Ocado delivery email?

While I'm bad at minimising tax, I definitely know to talk to HMRC rather than Ocado about such issues :-)

[Jockman]

Good luck sorting it out