A little known tax break that could give you a £720 cash boost – are you missing out?

BRITS could be missing out on a little-known pension pay boost – and it could be worth up to £720.

Pensions generally give you good tax breaks, but you could be building up even more extra cash.

1

Many workplace pensions allow you to receive money from family or friends, as well as the standard contributions your employer makes.

And you can also could also claim tax relief on their contributions.

The government will usually add money to your workplace or personal pension in the form of tax relief.

For a basic rate taxpayer, every £80 of pension contributions gifted to you will have another £20 added on top to make £100.

This yearly allowance allows you to receive up to £2,888 of gifted contributions.

And if you reach the full amount, then you’ll qualify for a £720 top-up thanks to tax relief.

Samantha Gould, head of campaigns at NOW: Pensions, said: “In the current cost of living crisis it can be hard to think about the longer term, but your future self will thank you for everything that you do today.”

If you aren’t in a position to make the most of this, don’t worry, because there are other tax checks you can do that can save you cash.

Some of the tax relief you may be entitled to is work related, while others are related to your personal circumstances.

For example, if you wear a uniform to work, you should be able to to claim some money back, as long as your employer doesn’t pay for your uniform.

It’s not just clothing either, people who use a vehicle for their job may also be able to make a claim.

If your code is wrong you may be paying thousands more than you need to and you’ll likely be owed money back.

And if you’re married – or in a civil partnership – you could be missing out on a £1,242 windfall if you haven’t claimed marriage tax allowance.

The Sun explains all of these simple tax refunds checks – as well as how much you could get – in this handy guide.

Here’s nine ways you could be owed thousands in compensation.

While we explain six freebies people on Universal Credit could be entitled to this month.

This post first appeared on thesun.co.uk