Originally posted by Paralytic
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Pension Sanity Check
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Public Service Posting by the BBC - Bloggs Bulls**t Corp.
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Originally posted by UKLonghorn View PostIf I contributed £20k in Year 4 and Year 3 when I was employed at a company and then contributed £40k via my contracting limited company in Year 2 and Year 1 that would (in general) mean I could still make a personal contribution of another £40k and still get tax relief?
Carry forward allows you to make use of any annual allowance that you may not have used during the three previous tax years, provided that you were a member of a registered pension scheme.
To use carry forward, you must make the maximum allowable contribution in the current tax year (£40,000 in 2020/21) and can then use unused annual allowances from the three previous tax years, starting with the tax year three years ago.
Originally posted by Orangecat View PostThere is also a limitation that if pension contribution is from ltd, then, need to set up for employer contribution scheme.
Originally posted by Orangecat View Post1. If I set up pension scheme for ltd to contribute to now (half year in the way), do I still have 40k allowance?
Originally posted by Orangecat View Post2. In the above situation, I do not have any carry forward any allowance right? As I only have personal pension schemes with ex-employers, but none of them can do employer contribution I think...
Originally posted by iguy2008 View Postboth the ipse tax people and my own accountant said it was not possible to make a pension payment unless turnover justified it.
It should go without saying that all this is subject to specific circumstances.Comment
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