DIY Pensions Advice for a Limited Company!
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  1. #51

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    Quote Originally Posted by faxfan View Post
    Just a quick clarifying question as I can't seem to see the answer anywhere -

    The SIPP is in your own personal name and the contributions from your own limited company are "Employers Contributions" - correct?
    Yes.
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    Sorry for a stupid question.
    I can't see this answered but I am guessing it has been. My spouse is also employed by the ltd company so do can I set up 2 SIPPs one in my name and one in my wife's and make contributions to both from the company?

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    Search using the Google method. Keywords like 'wife contractor pension' will bring back quite a few threads on this topic. I'd say what does your accountant advise as well.
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    Quote Originally Posted by Rihsabramo View Post
    Sorry for a stupid question.
    I can't see this answered but I am guessing it has been. My spouse is also employed by the ltd company so do can I set up 2 SIPPs one in my name and one in my wife's and make contributions to both from the company?
    You - YES definitely

    Your wife - It depends

    I suggest you do a search as directed as there are discussions on what HMRC allows.
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    Quote Originally Posted by SueEllen View Post
    You - YES definitely

    Your wife - It depends

    I suggest you do a search as directed as there are discussions on what HMRC allows.
    Thanks. I did ask my accountant but was referred to an IFA who hasn't got back to me yet.

    I just need to meet the Pensions regulator requirements for my wife as she is an employee so was thinking this was the best way of doing that.

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    Quote Originally Posted by Rihsabramo View Post
    Thanks. I did ask my accountant but was referred to an IFA who hasn't got back to me yet.

    I just need to meet the Pensions regulator requirements for my wife as she is an employee so was thinking this was the best way of doing that.
    As I said do a search using the method in the FAQ section. It's possible but there is a pretty clear line where it's acceptable or becomes a piss take. I'd be willing to bet you are over paying your wife for her non existent duties which is a potential problem so an over inflated pension is just adding to those woes. How much wage and pension would you be paying a normal employee compared to your wife?
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    Quote Originally Posted by SueEllen View Post
    You - YES definitely

    Your wife - It depends

    I suggest you do a search as directed as there are discussions on what HMRC allows.
    Yup. Often the issue with a spouse is the "wholly and exclusively for the benefit of the trade" thing. Quite often people pay their spouse £8k from the company as a salary for assisting with bookkeeping/being a director etc. In reality that's low enough that HMRC are very unlikely to challenge it. You can imagine the grief they'd get, as they'd basically be arguing "your spouse isn't worth that much".

    If on top of an £8k salary you want to add in a £40k SIPP contribution, and reality is they do very little to help the company, then the risk is of course higher.

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    Quote Originally Posted by Maslins View Post
    Yup. Often the issue with a spouse is the "wholly and exclusively for the benefit of the trade" thing. Quite often people pay their spouse £8k from the company as a salary for assisting with bookkeeping/being a director etc. In reality that's low enough that HMRC are very unlikely to challenge it. You can imagine the grief they'd get, as they'd basically be arguing "your spouse isn't worth that much".

    If on top of an £8k salary you want to add in a £40k SIPP contribution, and reality is they do very little to help the company, then the risk is of course higher.
    I don't really want to make a massive pension contribution. I just can't seem to find some clear information on the mandatory pension enrolment scheme that tells me what I need to do. My accountant isn't a great help but has now told me a SIPP doesn't count and has to be a govt. approved pension scheme.

    My wife is a shareholder and company secretary. Does she need to be enrolled? Or if someone can point me in the right direction as I think I'm looking in the wrong places.

    Thanks

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    I want to set up a pension to invest in low cost tracker funds like the Blackrock 100 UK equity tracker fund D acc. Looking to pay the lowest platform/management fees possible.

    What's the cheapest way to get into a fund like this?

    Are SIPPs still the way to go if I'm only for low cost index funds?

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    Quote Originally Posted by Tinfed View Post
    I want to set up a pension to invest in low cost tracker funds like the Blackrock 100 UK equity tracker fund D acc. Looking to pay the lowest platform/management fees possible.

    What's the cheapest way to get into a fund like this?

    Are SIPPs still the way to go if I'm only for low cost index funds?
    or stakeholders

    https://www.pensionsadvisoryservice....ensions-basics

    https://www.pensionwise.gov.uk/en
    Last edited by FarmerPalmer; 6th October 2017 at 16:13.

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