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Reply to: Contract / Private Pension
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Previously on "Contract / Private Pension"
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And now, Specifically in General, Abandon All Hope whilst bleeding your radiators.
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Agreed, 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 There is a £40k a year limit on such contributions, but you can backdate three years (I believe, I'm a little out of date on this stuff!)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.
cojak - can this be put in a more appropriate forum please?
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Originally posted by CDP90 View PostHello all,
I am new to this site. I have a question about private pension.
I provide service to a Company-ABC via my LTD-Company. The contract was signed between Company-ABC and my LTD-Company. However, Company-ABC generate monthly self bill (based on my timesheet) and pays the Net Value (Tax and NI deducted at the source) to my LTd-Company business account. From there, I transfer full amount to my personal account as a salary. The Company-ABC also generates wage slip for me showing a clear NI and tax deduction at the source. Is anyone contracting in this way and whether this is a normal?
My annual earning is about £130K before tax. I would like to put a lump sum towards private pension. What is maximum amount I can put and get the tax rebate?
Could you also recommend me a best and HMRC registered pension company for the private pension?
Many thanks,
CDP90
In the short to medium term, while you're here, do you like watching films with Gladiators in them? Do you know how to bleed radiators?
Try speaking to an accountant.
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Contract / Private Pension
Hello all,
I am new to this site. I have a question about private pension.
I provide service to a Company-ABC via my LTD-Company. The contract was signed between Company-ABC and my LTD-Company. However, Company-ABC generate monthly self bill (based on my timesheet) and pays the Net Value (Tax and NI deducted at the source) to my LTd-Company business account. From there, I transfer full amount to my personal account as a salary. The Company-ABC also generates wage slip for me showing a clear NI and tax deduction at the source. Is anyone contracting in this way and whether this is a normal?
My annual earning is about £130K before tax. I would like to put a lump sum towards private pension. What is maximum amount I can put and get the tax rebate?
Could you also recommend me a best and HMRC registered pension company for the private pension?
Many thanks,
CDP90
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