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How do I calculate my self-assessment tax return?
How do I calculate my self-assessment tax return?

Information on your pension contributions, your tax relief and how to calculate your self-assessment tax return for the self-employed

Elis avatar
Written by Elis
Updated over a year ago

You should only include pension contributions on your tax return if you're a high earner, or you're making significant payments into your pension.

You'll need to declare how much you've contributed to all of your pension(s) over the year. This amount should not include contributions made by your limited company or employer, just personal contributions made by yourself.

You can see the amount you've paid in your transaction history on your Penfold dashboard. Please remember that if you have contributed to any other pension - separate from Penfold - you will also have to add these contributions on.

You'll need to declare how much tax relief that you've received on top of these contributions, included in your tax return. You can do this by:

  • Taking your total amount paid into your pension and multiplying it by 1.25

  • For example, you paid in £600, multiply this by 1.25 = £750. That is how much you would need to declare in your tax return

If you're a basic rate taxpayer, you don't need to file your pension contributions on your self-assessment. This is because all available tax relief has already been claimed for you automatically by HMRC.

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