Originally posted by agentzero
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Previously on "One time Pension contribution from my limited Company"
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Originally posted by Paralytic View Post
Not what you asked, but i'd be interested in hearing the accountants reasoning behind that, assuming the company has adequate profits to pay such a dividend.
Did they explain why?
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Originally posted by agentzero View PostI would avoid Hargreaves Lansdown. They are the most expensive in the SIPP industry by far. It's a service chosen by people who don't understand mathematics or long term compound fees.
Interactive Investor (ii), Halifax iWeb or similar are a much better choice. Go and search online to confirm this, as you will find that HL are always bottom or penultimate choice in any comparison table. If people are keen to use the HL website just register a normal trading account and use the information there, although I personally find other portals to have superior information and more accurate information available.
I think that with a fund greater than £25k it is best placed elsewhere.
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I would avoid Hargreaves Lansdown. They are the most expensive in the SIPP industry by far. It's a service chosen by people who don't understand mathematics or long term compound fees.
Interactive Investor (ii), Halifax iWeb or similar are a much better choice. Go and search online to confirm this, as you will find that HL are always bottom or penultimate choice in any comparison table. If people are keen to use the HL website just register a normal trading account and use the information there, although I personally find other portals to have superior information and more accurate information available.
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Originally posted by deal0703 View PostThanks for the reply.
@ Lance thanks I'll check out SIPP.
@ Paralytic
I had an absolute nightmare with the accountant.
I have only been contracting 18 month and they charged me 1**£ a month and they basically told me nothing regarding dividends or advised how to pay myself to reduce tax in any way.
I just want to close the company before the new tax year, I don't want to hear anymore from the accountant or HMRC and just carry on.
I'll never go contracting again.
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Originally posted by deal0703 View PostHi all,
My accountant advised me not to pay myself a dividend to reduce the reserves as HMRC wouldn't be happy about that.
Thanks very much.
You should still be the £2,000 divi as its tax free on your SA
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Thanks for the reply.
@ Lance thanks I'll check out SIPP.
@ Paralytic
Not what you asked, but i'd be interested in hearing the accountants reasoning behind that, assuming you the company has adequate profits to pay such a dividend.
Did they explain why?
I have only been contracting 18 month and they charged me 1**£ a month and they basically told me nothing regarding dividends or advised how to pay myself to reduce tax in any way.
Regarding paying yourself a dividend, we would not recommend this as HMRC would question whether the dividend was taken solely to reduce the reserves before closure.
You can still pay a pension contribution if you wanted to or you could leave the company open as dormant
I'll never go contracting again.Last edited by deal0703; 15 March 2021, 11:48.
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Originally posted by deal0703 View PostMy accountant advised me not to pay myself a dividend to reduce the reserves as HMRC wouldn't be happy about that.
Did they explain why?Last edited by Paralytic; 15 March 2021, 14:31.
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Originally posted by deal0703 View PostHi all,
I was wondering if someone could help me out please?
I want to close my limited company and need to make a one time pension contribution to avoid liquidator cost.
My accountant advised me not to pay myself a dividend to reduce the reserves as HMRC wouldn't be happy about that.
Could someone please recommend a company / pension fund to pay this amount in ?
Ideally with access to the pension from age 55 /57.
Thanks very much.
There's loads of threads on here.
Hargreaves Landsdowne is really quick to setup. You need top open it with a nominal personal payment. £100 works.
Then you can buy company money in.
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One time Pension contribution from my limited Company
Hi all,
I was wondering if someone could help me out please?
I want to close my limited company and need to make a one time pension contribution to avoid liquidator cost.
My accountant advised me not to pay myself a dividend to reduce the reserves as HMRC wouldn't be happy about that.
Could someone please recommend a company / pension fund to pay this amount in ?
Ideally with access to the pension from age 55 /57.
Thanks very much.Tags: None
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