Reporting PAYE pension in Form 11

J

jrewing

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I am self-assessed for tax purposes, although both my wife and I are PAYE workers (additional income from shares etc). I am finding it difficult to understand how to report my pension which is paid for under my PAYE job.

The company pays money into a Defined Benefit Scheme for me, and also I pay additional AVCs to make up to my tax-deductable threshold.

Do I enter the value of the full amount into PRSA Line 507 (a), (b), (c) ? or does it need to go in there at all ?

JR
 
I'm having the same problem too. I cant see where I enter my contriburation to defined contribution scheme to which my employer contributes and I pay AVCs....
 
If your pension & AVC contributions have been tax/prsi relieved already through the employer's "net pay arrangement" scheme then they do not go on the tax return again. Your P60 would show pay after deduction of those amounts.
 
Graham,
Yes, the "gross pay" shown on my P60 does allow for it already, I just wanted to confirm.
Thanks, JR.
 
I think even the Revenue themselves are confused about this, because I have done the following for the past few years and some years they have calculated my tax incorrectly and have needed me to explain how it works. I might be wrong, but they are not telling me that I am so I keep filling it in the same way.

My understanding, with the usual provisio that I am not an expert and am open to correction is that...

Section 507 b should have my contributions which my employer deducts from my salary... no relief due...

Section 507 c should have the employer contributions, which also have no relief due. This amount is also them entered into section 218 a (Taxable benefits not taxed at source... PRSAs)

Section 507 d would have PRSA contribs not handled by the employer.

This is the approach that makes sense to me based on the questions on the form, as it seems to me that Revenue would want to know the total amount going into the PRSA.

EDIT: Of course this is for a PRSA... whereas the first poster was speaking of a DB scheme, which may well be different...

Ix.
 
related question

I'm aware that one's contribution is a certain % of your income with different thresholds based on your age, but my question is does this % also include your employer's contribution?

ie if in the 25% bracket and your employer contributes say 4%, does that mean your max contribution is 21% rather than 25% of your own income?

Thanks

S

PS: Tried reading the info on the revenue website, but just got confused!!!
PPS: I think this thread gives me the answer http://www.askaboutmoney.com/showthread.php?t=97823&highlight=pension+employer+contributions
 
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