Ndubuisi 'Andy' EgwimMoney Coach for Medics|Ex-NHS GP|21+ Yrs Investor| Founder, MoneyWiseDoctor.com|Helping Medics Avoid Big Money Mistakes

How to Avoid This Costly Mistake Tax Mistakes

20 Mar 2025 · 0 min

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Ndubuisi 'Andy' Egwim explains how high earners accidentally exceed pension allowances through growth and extra contributions, costing them in tax charges. Check your total reward statement, use carry-forward from the past three years, and talk to a tax specialist before April 5th to fix it in time.

Questions this video answers

Before April 5th.

The past three years' allowances.

Now, if you exceed the pension allowance, it can trigger a tax charge and many high earners unknowingly exceed this limit due to pension growth and additional pension contributions. A few things you can do Check your total reward statement to calculate your pension growth. Use your carry forward if you haven't maxed out the past three years allowances. And of course, speak to a financial advisor or a specialist tax expert if you need help. Now, if you fix these things before April 5th, this tax base, they can actually help you.