Pension contribution from previous tax year

[shubhoh]

Hello everyone, please answer my question.

Company tax yr ended few months ago in Nov2010 & I have seen the hefty Corporation tax bill now.

Is it possible now to open a pension(sipp) & invest some profit from that 2010 company tax yr

[pmeswani]

Hello everyone, please answer my question.

Company tax yr ended few months ago in Nov2010 & I have seen the hefty Corporation tax bill now.

Is it possible now to open a pension(sipp) & invest some profit from that 2010 company tax yr

Once your Company year has ended, you cannot alter the CT obligations for that year by making backdated Employer Pension Contributions. You should have made the contributions during that year. However, you may want to speak to your Accountant to see what they say.

[northernladuk]

How for one minute do you think it is acceptable to close your year, get the bill and then go back and spend more money in the current year after to affect the year before. The result is to fudge your payments to HMRC putting them out of pocket????

Even through there are a load of regulations and laws around a bit of common sense is also required you know.

[shubhoh]

Company tax yr end passed but no filing was done yet to HMRC. Returns are being prepared by the accnt now.

We claim expenses for the last few months\quarter or so. Pension being a similar expense to the company, thought that, I could fit it as an expense.

@northernladuk does that make sense to you now?

[Alan @ BroomeAffinity]

It is possible to claim expenses that have been incurred or paid after the year end if they relate to the prior accounting period. Eg, your y/e is 31/12 but your phone bill for the q/e 31/12 doesn't come in until 08/01. Unfortunately, while I can see the logic behind the OP's original question, the rules in the case of pensions are clear. It must be paid in the accounting period for it to qualify for tax relief.

If you are managing your finances properly you should know roughly what your liability is before your year end anyway.

[shubhoh]

It is possible to claim expenses that have been incurred or paid after the year end if they relate to the prior accounting period. Eg, your y/e is 31/12 but your phone bill for the q/e 31/12 doesn't come in until 08/01. Unfortunately, while I can see the logic behind the OP's original question, the rules in the case of pensions are clear. It must be paid in the accounting period for it to qualify for tax relief.

If you are managing your finances properly you should know roughly what your liability is before your year end anyway.

Much better answer & thats what the accountant confirmed as well.