Retrospective pension payments ?
+ Reply to Thread
Page 2 of 2 FirstFirst 1 2
Posts 11 to 17 of 17
  1. #11

    My post count is Majestic

    northernladuk is always on top

    northernladuk's Avatar
    Join Date
    Mar 2009
    Posts
    33,811
    Thanks (Given)
    141
    Thanks (Received)
    1469
    Likes (Given)
    1782
    Likes (Received)
    6042

    Default

    Do you have the money still sitting in your company and do you have a pension scheme already set up?

    Quote from a source on the web..

    There is also an 'annual allowance' which limits the annual tax relief which an individual may receive on pension contributions and other increases in a person's pension rights. More can be contributed but the tax exemption on the excess will be recovered. The annual allowance for 2010-11 was 255,000 but this has been reduced to 50,000 for 2011-12. Individuals who have been a member of a registered pension scheme and who have unused annual allowance from the previous three tax years can carry that allowance forward, meaning they may not have to pay the annual allowance charge.
    Can you not use the carry forward and just dump a very large amount in this year to keep it nice and clean?
    'CUK forum personality of 2011' - Winner - Yes really!!!!

  2. #12

    Contractor Among Contractors

    MrRobin has no reputation

    MrRobin's Avatar
    Join Date
    Jun 2007
    Posts
    1,862
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    0
    Likes (Received)
    0

    Default

    Does it mater that much? It's not like an allowance that is lost forever... just pay in double this year and get double the discount off your corp tax this year instead..?
    It's about time I changed this sig...

  3. #13

    My post count is Majestic

    d000hg - scorchio!

    d000hg's Avatar
    Join Date
    Dec 2007
    Location
    My house
    Posts
    31,496
    Thanks (Given)
    103
    Thanks (Received)
    382
    Likes (Given)
    165
    Likes (Received)
    1312

    Default

    Quote Originally Posted by MrRobin View Post
    Does it mater that much? It's not like an allowance that is lost forever... just pay in double this year and get double the discount off your corp tax this year instead..?
    I've been advised that though that limit NLUK mentions is around, you also have to be careful paying in more than your salary - which for contractor Ltds might be quite low.

    If he only puts in a couple of grand a year though, I agree with you.
    Quote Originally Posted by MaryPoppins View Post
    I'd still not breastfeed a nazi
    Quote Originally Posted by vetran View Post
    Urine is quite nourishing

  4. #14

    Double Godlike!

    xoggoth - scorchio!

    xoggoth's Avatar
    Join Date
    Jul 2005
    Location
    xoggoth towers
    Posts
    12,196
    Thanks (Given)
    2
    Thanks (Received)
    394
    Likes (Given)
    128
    Likes (Received)
    1238

    Default

    You could just pay that much more next year. An accountant told me a few years back that in considering what are reasonable amounts to a pension HMRC would take into account previous years without payments.
    bloggoth

    If everything isn't black and white, I say, 'Why the hell not?'
    John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)

  5. #15

    Double Godlike!

    xoggoth - scorchio!

    xoggoth's Avatar
    Join Date
    Jul 2005
    Location
    xoggoth towers
    Posts
    12,196
    Thanks (Given)
    2
    Thanks (Received)
    394
    Likes (Given)
    128
    Likes (Received)
    1238

    Default

    I did have a link but can't find it now, however I did find an old reference that even back in 2001 you could do catch up payments, think the rules are more relaxed now.
    bloggoth

    If everything isn't black and white, I say, 'Why the hell not?'
    John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)

  6. #16

    Should post faster

    swebb has no reputation

    swebb's Avatar
    Join Date
    Aug 2006
    Location
    Coventry
    Posts
    114
    Thanks (Given)
    1
    Thanks (Received)
    1
    Likes (Given)
    2
    Likes (Received)
    2

    Default

    Quote Originally Posted by d000hg View Post
    You can do this. Possibly for more than one year but ask an accountant or someone.
    Yes it's all sorted now Thanks for the replies, I've now put a few things into an electronic calendar with associated alarms. Whatever is going on in my other life now atleast I'll be informed about important financial dates
    When a man says his word is as good as his bond take his bond.

  7. #17

    Should post faster

    swebb has no reputation

    swebb's Avatar
    Join Date
    Aug 2006
    Location
    Coventry
    Posts
    114
    Thanks (Given)
    1
    Thanks (Received)
    1
    Likes (Given)
    2
    Likes (Received)
    2

    Default

    Quote Originally Posted by MrRobin View Post
    Does it mater that much? It's not like an allowance that is lost forever... just pay in double this year and get double the discount off your corp tax this year instead..?
    Well normally maybe it wouldn't matter too much but I finished a contract and I'm currently considering whether to work again or just put my feet up If I don't work again or for sometime the pension contribution wouldn't be as tax efficient as it would last financial year because I had a very good year.
    When a man says his word is as good as his bond take his bond.

+ Reply to Thread
Page 2 of 2 FirstFirst 1 2

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Content Relevant URLs by vBSEO 3.6.0 ©2011, Crawlability, Inc.