Last Minute Tax Hacks to Save £’000s before the 5th April

[@thepropertysurgeon]

Another great video. Thankyou guys. Another possible tax relief income would be an annual allowance of £7500 lodger allowance if you have a lodger staying at your own residence.

[@MedicsMoney]

Absolutely

[@f.m.h176]

This might be a silly question, but if I have an NHS pension (which is maxed for contributions for the year) and a SIPP, how do I figure out how much money I can put into the SIPP without going over the total amount I can put into a pension during one tax year (thus incurring punitive charges)? Any advice or direction to a video you've already done to explain this would be great. Thank you and keep up the hard work! 😁 [I realise an IFA could likely work this out properly, but considering we're so close to the end of the tax year and there is no time to get a professional involved, is there any quick and dirty method to work out roughly how much you could put into the SIPP before 5th April? 😉]

[@MedicsMoney]

You’re right- an IFA that understands the NHS pension is what you need www.medicsmoney.co.uk/medics-money-approved/ 😉 But if you’re going “quick and dirty” 😂you need to know that your annual allowance for 2023-24 is £60,000 (assuming you’re not tapered?) To avoid exceeding the £60,000 allowance the GROWTH (not contributions) in NHS Pension plus the total CONTRIBUTIONS (don’t forget tax relief) into your SIPP need to be

[@f.m.h176]

@@MedicsMoney Ace! Thanks. 😉

[@grimdave]

Thanks for an excellent video as always. My question is: Are you able to retrospectively put money into a private pension after the tax year has ended to reduce your adjusted net income for that year? GP partners often don't get their accounts finalised until 6months after the end of the tax year, so it is not possible to know exactly how much money to put into a pension to reduce the adjusted net income below £100k. Any tips regarding this? Thanks

[@MedicsMoney]

It is possible but difficult for GP partners for all the reasons you mention. Will do a video on it

[@moustafamortada]

Just perfect! How I never came across this channel! Never too late

[@MedicsMoney]

👍

[@Nobody-rkm]

Thank you great video. I am nhs doctor.Can you please make video to show how to calculate remaining pension allowance after normal monthly contribution and growth. I always struggled to find out how much I have contributed through my job and how much I can contribute in to my SIPP account.

[@MedicsMoney]

See the other reply 👍

[@laurad2136]

Can I ask what you think about paying more pension with nhs.. is this a good move to lower your taxable income?

[@satttyyyy6902]

Good question, would be interesting to know the answer too.

[@MedicsMoney]

It can be depending on your situation. Additional NHS Pensions contributions v Private pension then the pros of NHS is guaranteed inflation proof income for as long as you live in retirement but in some respects less flexible than private pension. Can also be a pita to make additional nhs contributions v private which is easy. But make sure you understand annual allowance before making additional contributions.

[@alijawad2042]

Perfect 😊

[@martincohn3448]

Thank you for the video! very interesting as usual. Just two questions: - What are the consequences of submitting a tax rebate after the 5th of April? I am aware that you can claim up to 4 years, but if you claimed the 3 years before and you can't get to the deadline is there an issue? - Do LISA's interest generate interest? i.e. if I have 1000 pounds today, 1250 next year, would I have 1500 or 1562.5 the following year?

[@MedicsMoney]

As long as you don’t miss the hard deadline to claim rebates then you’re ok. But sooner you claim = sooner you get money back from HMRC into your account. Interest in LISA compounds in the normal way. The government 25% is usually paid 4-6 weeks later automatically.

[@azaz1324]

Excellent video! Can I ask 2 questions: 1. Can I open an SIPP at the same time whilst I have ongoing salary sacrifice from my NHS pension? 2. I appreciate whilst contribution to SIPP would allow claim back of income tax adding to any sum I put in, it would not reduce my NI liability. I'm not entirely clear if contribution to SIPP in any way reduce my student loan repayment liability? Thank you for your time and the wonderful contents.