Originally posted by CDP90
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Contract/Private Pension - Moved from General
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Contract/Private Pension - Moved from General
…Maybe we ain’t that young anymore -
Originally posted by malvolio View Post...speak to an accountant. Or a very good IFA you pay for yourself.
However your company is largely irrelevant in that discussion. Paying you net means you are being treated as an employee of your client, not a supplier, and putting your income via the company is basically a waste of time and effort, as well as making your year end reporting quite tricky.
Basically anything you put into your pension is from your taxed income; the company presumably doesn't have any other income so can't play any part in it. There is a £40k a year limit on such contributions, but you can backdate three years (I believe, I'm a little out of date on this stuff!) and you get tax relief on the contributions through your annual self assessment return.
Meanwhile, get reading the user guides on this site. If you want to be a contractor, learn what it means and how it works.…Maybe we ain’t that young anymore -
If the OP doesn't already have a personal pension set up, I would recommend looking at either AJ Bell or Interactive Investor, II. Given the OP seems to want to pay significant contributions then II makes the most sense because of the flat rate charging structure. Other retail investment platforms charge a % fee which inevitably works out more expensive than II for anything other than small sums invested.
OP should note there's deals to be had if he/she is referred by an existing customer. Either myself or another II account holder here can refer the OP who can make a worthwhile saving on first year platform fees. Hope that helps.Public Service Posting by the BBC - Bloggs Bulls**t Corp.
Officially CUK certified - Thick as f**k.Comment
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Originally posted by WTFH View Post
Thread moved from General
https://www.contractoruk.com/money/c...ns_advice.html
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I'm struggling to understand why OP has this setup in the first place.
Might as well have the PAYE payments direct personally. No need for a LTD company and the overheads associated.
See You Next TuesdayComment
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Originally posted by Lance View PostI'm struggling to understand why OP has this setup in the first place.
Might as well have the PAYE payments direct personally. No need for a LTD company and the overheads associated.Blog? What blog...?Comment
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Originally posted by malvolio View Post
My point precisely. It sounds like he wants HisCo to pay into the pension fund. As usual, in the absence of any meaningful information on what income his company has, if any, or any answers to the questions given, nor what he is trying to achieve, we're wasting our time. Again.See You Next TuesdayComment
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