Hi all,
Recently had to set up a pension scheme for my ltd company. Im 44, been contracting a few years. I dont have a pension, my plan was to down size my house, and some other properties.
Originally I was going to get my wife to `opt` out the minute this was all set up as I assumed lots of costs/ admin. However, people keep telling me that there are tax advantages to keep it going. I'll admit now, accounts isnt my thing, so how does keeping this pension thing going, within a contractor / IT Ltd company, bring advantages ?
I pay alot of corporation tax, so by contributing to a pension will it reduce it ? Will it effect dividends ?
Am hoping another contractor on here can help / advise. My accountants charge me per a second of advise.
SBK
Recently had to set up a pension scheme for my ltd company. Im 44, been contracting a few years. I dont have a pension, my plan was to down size my house, and some other properties.
Originally I was going to get my wife to `opt` out the minute this was all set up as I assumed lots of costs/ admin. However, people keep telling me that there are tax advantages to keep it going. I'll admit now, accounts isnt my thing, so how does keeping this pension thing going, within a contractor / IT Ltd company, bring advantages ?
I pay alot of corporation tax, so by contributing to a pension will it reduce it ? Will it effect dividends ?
Am hoping another contractor on here can help / advise. My accountants charge me per a second of advise.
SBK
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