On the eleventh day of Christmas my accountant said to me…. pay money into your pension.
Paying into a pension means money qualifies for income tax relief. For a basic tax-rate payer this means that for every 80p you pay into your pension, the government pays in 20p. If you are a higher rate taxpayer the saving is even greater – for every 60p you save, another 40p is added by the government.
If you are a UK resident, under the age of 75 and not drawing from your pension fund then you can contribute up to £40,000 per annum into your fund.
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