Backdating Company Pension - Separating Fact From Fiction.

[iguy2008]

Hi

I have read a lot on this forum about the ability to backdate a company pension and as I have a good warchest, I thought this would be a good idea. I ran it my my financial advisor who came up with a set of maximum and recommended figures. I then ran these by my accountant who said that the maximum figures while fully compliant with the rules would draw attention when I dont pay any CT but could not provide a set of acceptable figures.

Basically, i was looked to use my 3 year backdated entitlement, and I wondered if anyone had any experience in this area.

Thanks - Iguy

[SueEllen]

Hi

I have read a lot on this forum about the ability to backdate a company pension and as I have a good warchest, I thought this would be a good idea. I ran it my my financial advisor who came up with a set of maximum and recommended figures. I then ran these by my accountant who said that the maximum figures while fully compliant with the rules would draw attention when I dont pay any CT but could not provide a set of acceptable figures.

If you have tax investigation insurance tell the accountant you will take the risk.

[iguy2008]

If you have tax investigation insurance tell the accountant you will take the risk.

Hi SueEllen. I have QDOS TLC35. Would this be sufficient ?

Thanks - Iguy

[WordIsBond]

If you have tax investigation insurance and haven't been doing anything you shouldn't tell the accountant you will take the risk.

FTFY.

Drawing attention is always a bad idea if you don't have a clear conscience. If everything is clean, I wouldn't worry about it.

If you think IR35 might be a problem for you, just go ahead and make your contribution and join IPSE so they'll fight for you if needed.

Edit: I see you have TLC35. That covers IR35. If everything else has always been on the up and up, I'd say go for it.

[northernladuk]

Hi SueEllen. I have QDOS TLC35. Would this be sufficient ?

Thanks - Iguy

I'm glad you understand the insurance products you have purchased.

[ZARDOZ]

Hi

I have read a lot on this forum about the ability to backdate a company pension and as I have a good warchest, I thought this would be a good idea. I ran it my my financial advisor who came up with a set of maximum and recommended figures. I then ran these by my accountant who said that the maximum figures while fully compliant with the rules would draw attention when I dont pay any CT but could not provide a set of acceptable figures.

Basically, i was looked to use my 3 year backdated entitlement, and I wondered if anyone had any experience in this area.

Thanks - Iguy

You can only backdate if you were a member of a pension in those years. This includes any old employee pensions you have which you no longer pay into but are a member of. There is a HMRC calculator page where you can calculate what you are able to pay in based on previous year contributions.

Perhaps your accountant is worried about the contribution being 'wholly and exclusively necessary for business purposes'

[iguy2008]

I'm glad you understand the insurance products you have purchased.

Hi

If you look at the array of insurance produtcs sold by QQDOS you would understand why I asked that.

And by the way - if you cant contribute anything positive to this thread that may be useful to a lot of other people - then dont contribute at all.

Iguy

[northernladuk]

Hi

If you look at the array of insurance produtcs sold by QQDOS you would understand why I asked that.

And by the way - if you cant contribute anything positive to this thread that may be useful to a lot of other people - then dont contribute at all.

Iguy

Yeah but you've bought it so it's very important you understand what's covered so you can make decisions like this. Buying it and then asking other people if it will do isn't the best way. That point is a valid one so was useful.. The way i put it might have been slightly questionable though.

[iguy2008]

Yeah but you've bought it so it's very important you understand what's covered so you can make decisions like this. Buying it and then asking other people if it will do isn't the best way. That point is a valid one so was useful.. The way i put it might have been slightly questionable though.

Yep fair point. Apologies for my brusque response.

[northernladuk]

Yep fair point. Apologies for my brusque response.

And my apologies for the way I put it...