Is anyone self employed with a pension who does simplified tax returns?

[LaurieFairyCake]

I'd like to put some money aside for a pension if it's tax efficient?

I do simplified tax - literally a list of income and a list of expenditure. Where do I then put the pension?

Say it's 50,000 income, 6000 expenditure- do I then minus some (how much?) pension contributions and then it works out the tax?

I'm totally in the dark. I haven't even thought about which pension or the fact that I can't do it every month and would prefer to make a lump sum pension contribution just before I pay my tax as it'd be easier.

Bump

Are you a basic rate tax payer? Sounds like you might just be from numbers above.

You would make contributions to a personal pension out of your net income. The pension provider would then claim back basic rate tax relief directly from HMRC.

For example, you make a £1000 contribution, the provider claims back £250 from HMRC as it's tax you've already paid..... total amount put into the pension account is £1250.

Nothing to include on your simplified tax return as you'll be paying the full amount of tax due on your earnings first before the reclaim.

Pensions have their own bit on the simplified return, in any case.
Ring HMRC if you are worried, they are very helpful (not in January though, when everyone is ringing...)

And you can definitely do lump sums every so often! I've a SIPP with AJ Bell, and you can set a (low) monthly amount, then lob more in when you have it.

Money saving expert has some good overviews.