Hi folks. I'm a newbie to this site. I've read through some previous posts but found them difficult to compare to my own situation.
I've been operating my own limited company for exactly 2 years now. In that time I've taken a salary of c£10,600 for the second year and a dividend of c£23,000. I only took a dividend of c£22,000 in the first year with no salary.
This year 2016-17 I will be taking a salary of £8,100 and then a dividend.
The main point - I have a previous company pension scheme that has been operating for the past 7 years. I'm now transferring it to my own limited company to begin making monthly contributions. I want to backdate payments to increase my pension pot, release some money from my company and also reduce my tax bill.
I have an accountant but they cannot give pension advice. Hence the following questions to the forum:
1. What is the maximum I can pay in to my pension this year if my salary is £8,100?
2. Can I backdate pension contributions for the previous two years? If so, how much can I pay into my pension?
3. If I can backdate payments, will it have any impact on corporation tax this year or over the previous two years? Can I claim back any CT already paid?
Many MANY thanks for any advice you can give.