If you have a personal pension plan, and make contributions into it, then these may be made
from income that has already been taxed.
For example, a monthly gross contribution of GBP125 may be
made up of GBP100 that you pay yourself, and tax relief of GBP25 - paid by the government (
If this is
tracked in Microsoft Money, accounting for one's own payment is reasonably simple, in that it is a GBP100
transfer from an existing account.
To account for the GBP25 tax relief, you'll need to make another
contribution. In the contributions part of the retirement account you can add an additional deposit to take
care of the tax relief. Use "other income:tax relief" category and subcategory.
If your contribution
is scheduled, then you might want to make the tax relief a scheduled transaction also. Or, perhaps even better,
would be to make a single scheduled transaction which contains part transfer and part tax relief.
Keywords: GBP, PPP, Pension