Does anyone know the mechanics of paying yourself a pension through a LTD Co. ? I already have two stakeholder pensions through previous management companies, now I'm running my own LTD Co. I want to start paying myself a pension through the LTD Co, but I am not sure how this is done. Do I simply transfer the cash straight into the stakeholder pension every month from my business bank account, then account for all the contributions at the end of the tax year ? Or is there some other process. Advice welcome.
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AFAIK that's the way to do it. 100% non contributary is the max these days isn't it? You could ask the accountant of course.
NN"Israel, Palestine, Cats." He Said
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Originally posted by aucomptoir View PostDoes anyone know the mechanics of paying yourself a pension through a LTD Co. ? I already have two stakeholder pensions through previous management companies, now I'm running my own LTD Co. I want to start paying myself a pension through the LTD Co, but I am not sure how this is done. Do I simply transfer the cash straight into the stakeholder pension every month from my business bank account, then account for all the contributions at the end of the tax year ? Or is there some other process. Advice welcome.
You just record the amounts in the company accounts as an expense. I keep acknowledgement letters or print-outs of contributions statements from the providers web-site as evidence of where the money went.Last edited by IR35 Avoider; 28 February 2008, 16:32.Comment
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Originally posted by aucomptoir View PostDoes anyone know the mechanics of paying yourself a pension through a LTD Co. ? I already have two stakeholder pensions through previous management companies, now I'm running my own LTD Co. I want to start paying myself a pension through the LTD Co, but I am not sure how this is done. Do I simply transfer the cash straight into the stakeholder pension every month from my business bank account, then account for all the contributions at the end of the tax year ? Or is there some other process. Advice welcome.
Personal account better until this April when Co. account better. You need to inform your pension company that the money is coming gross from a Ltd so they don't reclaim tax. I sent off my form last week to switch from personal to company payments.Comment
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Originally posted by NickNick View PostAFAIK that's the way to do it. 100% non contributary is the max these days isn't it? You could ask the accountant of course.
NNComment
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