SIPP fees - legitimate expense?

[rectifier]

III charge a yearly SIPP fee and a quarterly admin fee - about 196 quid a year in total.

For those who use III (or any other provider that has such fees) do you pay either/both/none of these fees from your Ltd or out of your own pocket?

Cheers
Jamie

[northernladuk]

What does the acronym SIPP stand for?

Do you still want to know the answer to your question?

[rectifier]

What does the acronym SIPP stand for?

Do you still want to know the answer to your question?

Helpful and friendly as ever.

My question was asking what other people do.

[northernladuk]

Helpful and friendly as ever.

My question was asking what other people do.

They follow the rules about what is personal and what is wholly and exclusively for the purpose of their business.

[SimonMac]

Helpful and friendly as ever.

My question was asking what other people do.

Most ask there accountants!

Is the SIPP in your name or MyCos?

Assuming the answer for that is yourself, then how can MyCo pay it when it's your expense not related to the business.

Are the charges billed separately, or taken out of any cash held in the SIPP?

If the former you might want to switch to someone like HL who takes any fee's out of the cash on hand in the portfolio, which means the money comes, indirectly, from MyCo through contributions.

[rectifier]

They follow the rules about what is personal and what is wholly and exclusively for the purpose of their business.

Now I know for sure that that's not true, not for everyone anyway.

I'm interested because I imagine if you run a pension scheme under auto-enrollment then the costs of that are allowable.

As I say, I'm interested in what other people actually do, not what you think other people *should* do.

[rectifier]

Most ask there accountants!

Is the SIPP in your name or MyCos?

Assuming the answer for that is yourself, then how can MyCo pay it when it's your expense not related to the business.

Are the charges billed separately, or taken out of any cash held in the SIPP?

If the former you might want to switch to someone like HL who takes any fee's out of the cash on hand in the portfolio, which means the money comes, indirectly, from MyCo through contributions.

Yes that was one of my thoughts - if you structure a SIPP in your own name in that way, with fees coming from the SIPP account, then basically your company is paying your SIPP fees.

Whereas it you just pay the SIPP fees direct it seems more questionable.

Doesn't appear black and white to me - hence why I asked for opinions. I have also asked my accountant - nothing wrong with asking opinions on here as well is there.

[SimonMac]

Now I know for sure that that's not true, not for everyone anyway.

I'm interested because I imagine if you run a pension scheme under auto-enrollment then the costs of that are allowable.

As I say, I'm interested in finding someone else to give me the answer I want.

FTFY

[northernladuk]

Now I know for sure that that's not true, not for everyone anyway.

I'm interested because I imagine if you run a pension scheme under auto-enrollment then the costs of that are allowable.

As I say, I'm interested in what other people actually do, not what you think other people *should* do.

I'm trying to get you to think about the difference between a personal pension plan and a work place pension plan and what are legitimate expenses but I appear to be failing.

Surely you are interested in what you should be doing? If other people are doing something different that's their problem and they can pick up the pieces when it goes wrong.

[northernladyuk]

III charge a yearly SIPP fee and a quarterly admin fee - about 196 quid a year in total.

For those who use III (or any other provider that has such fees) do you pay either/both/none of these fees from your Ltd or out of your own pocket?

Cheers
Jamie

The third option is that it is paid by your pension fund.