I'm thinking about opening a SIPP as I don't have one. I'm currently outside of IR35. Will it be more efficient to invest from my personal account after getting paid or straight from the business account?
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SIPP question
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Generally, the latter. For salary funded SIPP, NIC's cannot be reclaimed.Public Service Posting by the BBC - Bloggs Bulls**t Corp.
Officially CUK certified - Thick as f**k. -
Make company contributions into the SIPP. £40k / year limit and is an allowable business expense so payable before corporation tax is applied.
No brainer for me.Last edited by adubya; 13 July 2016, 19:52.Comment
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Originally posted by adubya View PostMake company contributions into the SIPP. £40k / year limit and is an allowable business expense so payable before corporation tax is applied.
No brainer for me.
That's good for those of us without a brain who will be trawling all the various info on this site. Been thinking of doing this for a while, but been wary due to the potential rule changes in future that allow the government to 'steal' the pot one way or another.
With the new divi tax it makes even more sense to do this rather than try extracting the cash from the ltd first before investing for personal reasons. Though all that may change over the coming weeks and months now May and her new chancellor and in place.
Is there a pensions for contractors dummy's guide on this site we can use as a starting point rather than the dreaded search?Maybe tomorrow, I'll want to settle down. Until tomorrow, I'll just keep moving on.Comment
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Originally posted by Hobosapien View PostThat's good for those of us without a brain who will be trawling all the various info on this site. Been thinking of doing this for a while, but been wary due to the potential rule changes in future that allow the government to 'steal' the pot one way or another.
With the new divi tax it makes even more sense to do this rather than try extracting the cash from the ltd first before investing for personal reasons. Though all that may change over the coming weeks and months now May and her new chancellor and in place.
Is there a pensions for contractors dummy's guide on this site we can use as a starting point rather than the dreaded search?Public Service Posting by the BBC - Bloggs Bulls**t Corp.
Officially CUK certified - Thick as f**k.Comment
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If you have IPSE membership, the pension plan available there seems to be very good value in terms of fees.Comment
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Originally posted by missinggreenfields View PostIf you have IPSE membership, the pension plan available there seems to be very good value in terms of fees.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 Fred Bloggs View PostSorry, no it isn't. You need to do your research properly then you'll understand that why the IPSE offering is in my opinion a very poor option.Comment
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Originally posted by cinek View PostI'm thinking about opening a SIPP as I don't have one. I'm currently outside of IR35. Will it be more efficient to invest from my personal account after getting paid or straight from the business account?
Unless you are going to buy a house (or other business) with it a SIPP doesn't make that much sense IMO. Better off concentrating on maximising your revenue doing what you know and leave financials to someone who knows that.See You Next TuesdayComment
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Originally posted by missinggreenfields View PostIf you have IPSE membership, the pension plan available there seems to be very good value in terms of fees.
Originally posted by Lance View PostFor what it's worth I wouldn't bother with a SIPP. Normal pension, in managed funds with the lowest possible management cost and no trail commission.
Unless you are going to buy a house (or other business) with it a SIPP doesn't make that much sense IMO. Better off concentrating on maximising your revenue doing what you know and leave financials to someone who knows that.Maybe tomorrow, I'll want to settle down. Until tomorrow, I'll just keep moving on.Comment
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