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HMRC will basically give you back the tax that you paid on the income that you used for your pension contribution.
In your case you earned £49,000 and contributed £1,000 to your pension.
You get £250
Your pension provider will automatically get this for you and add it to your pension pot.
Your pension pot will now be worth £1,250.
There are two main ways to save money into your pension:
You can only claim the pension tax relief if your pension contributions are not made using “net pay” or “salary sacrifice” – check with your employer.
Most people in full-time jobs who only have PAYE income never have to bother with tax returns.
The only times when you need to submit a Self Assessment tax return are:
If you’re not sure which one applies to you, read our guide to who needs to file a tax return here – it’s a long list
The UK tax year for individuals starts April 6th and ends April 5th of the following year. From then, you have until January 31st to complete your online tax return for the previous tax year.
The tax code is just a series of numbers and letters that tells HMRC how much tax you should be paying.
The numbers in your tax code tell your employer or pension provider how much tax-free income you are entitled to in that tax year.
The most common one for 2019/20 will be 1250L:
If you take a second job, then you don’t get a personal allowance for this one, so you need to make sure that the job that pays you the most is the one with “L” and not “BR”.
There are many tax-free allowances in the UK:
There are also a few tax-free allowances you can claim instead of expenses: