Originally posted by redman
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Going to the Darkside - what to do with Company any ideas
Collapse
X
-
-
Originally posted by northernladuk View PostNot all of it it seems.
I think he's editted it on purpose to make me look like an idiot....
Down with racism. Long live miscegenation!Comment
-
Pension, all day every day. It's free money. Plus you can draw on some of it tax free at 55....my quagmire of greed....my cesspit of laziness and unfairness....all I am doing is sticking two fingers up at nurses, doctors and other hard working employed professionals...
Comment
-
Originally posted by Lockhouse View PostPension, all day every day. It's free money. Plus you can draw on some of it tax free at 55.merely at clientco for the entertainmentComment
-
Originally posted by eek View Post57 now with the latest changes but it's best not to unless you really need to.
Original Poster - you just pay into your pension directly from your Ltd ( max £40K + 3 years backdating if unused) , it counts as an expense. So tax and NI free until withdrawn. If you can afford to do it and not pay dividends it's a bit of a no brainer tax and NI wise.
Taking 25% Tax-free Cash from your PensionComment
-
Just went dormant with mine
I decided to keep my LTD, I haven't gone to the total dark side, I went back to Umbrella. I took a contract which is 'on the tools' to get through Covid etc.,
Most of my contracts will always be considered outside anyway, yes I don't do anything but talk
So I made my LTD dormant, there's money still in there and I'm going to leave it there until I get better advice on what to do with it when I get near 57.Comment
-
Originally posted by rootsnall View PostWhere have you got that from ? Still 55 the last time I looked.
Original Poster - you just pay into your pension directly from your Ltd ( max £40K + 3 years backdating if unused) , it counts as an expense. So tax and NI free until withdrawn. If you can afford to do it and not pay dividends it's a bit of a no brainer tax and NI wise.
Taking 25% Tax-free Cash from your Pensionmerely at clientco for the entertainmentComment
-
Originally posted by GregRickshaw View PostI decided to keep my LTD, I haven't gone to the total dark side, I went back to Umbrella. I took a contract which is 'on the tools' to get through Covid etc.,
Most of my contracts will always be considered outside anyway, yes I don't do anything but talk
So I made my LTD dormant, there's money still in there and I'm going to leave it there until I get better advice on what to do with it when I get near 57.
My Ltd got fully struck off todayComment
-
Originally posted by rootsnall View Post
Original Poster - you just pay into your pension directly from your Ltd ( max £40K + 3 years backdating if unused) , it counts as an expense. So tax and NI free until withdrawn. If you can afford to do it and not pay dividends it's a bit of a no brainer tax and NI wise.Comment
-
Originally posted by NowPermOutsideUK View PostCan i just ask whether you are sure about the year back pay? If you have not paid anything for the last few years can you really put up to 120K in one tax year into your pension? I did a google search as well
Pension carry forward
Pension carry forward rules let you make contributions above your annual allowance. If you paid in less than your annual allowance in any of the past three tax years you can carry forward the unused allowance, as long as you had a SIPP or other pension in place for each of the three years and your total contributions don’t exceed your current earnings.
So you'd need to earn it in the current year.Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment