Pensions and your self-assessment tax return – what you need to know

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Self-employed or a high earner? Here are our top tips to help lower your tax bill before the 31 January self-assessment deadline.

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

Published on 10 January 2024

It was correct at the time of publishing. Our views and any references to tax, investment and pension rules may have changed since then.

If you work for yourself or you’re a high earner, you could miss out on vital tax benefits if you don’t include certain pension details on your tax return.

There are other pension pitfalls for high earners too and in some cases, you could give up valuable National Insurance credits that count towards your State Pension.

Here’s how.

This isn’t personal advice. Pension and tax rules can change, and any benefits depend on your circumstances. Pensions are meant for retirement, so you can't normally access your money until age 55 (rising to 57 from 2028). If you’re not sure what’s right for you, ask for financial advice.

If you’re resident in the UK for tax purposes and under 75, you can get tax relief on pension contributions. You’ll automatically get basic-rate tax relief (currently 20%) paid into your pension by the government. But,