The Pension Annual Allowance is how much money you can contribute to your pension pot each year while receiving pension tax relief. It is based on your income, but the maximum is usually £40,000.
If you pay in more than your Pension Annual Allowance in a tax year, you won’t receive any tax relief. HMRC will also fine you.
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Once you’ve signed off your return, your TaxScouts accountant will file your return online with HMRC. That’s it! We told you it was simple.