Financial sunrise

With the new financial year upon us, many doctors may be considering how best to plan and maximise the £££ in their pocket. Susan Hutter gives her guidance

Pension contributions

Have you used up all your annual allowance for pension contributions? You can go back three years. But the rules around pension contributions have changed. Be careful if you earn £150,000 or above, as this means the maximum contribution is reduced.

If you earn below £150,000, the maximum you can pay as a tax-deductible pension contribution is £40,000. For those earning above £150,000, the last years for which you can pay up to £40,000 are 2014-15 and 2015-16, so now is the time to ‘mop up’ if this affects you.