Pension and allowance

[oldgitst]

Hey all, great forum,

I am after some advice regarding pensions so please forgive me if it seems quite basic :-s

I have not held any pension whatsoever in the past.
I was goin to open a sipp can have the company that I own pay in a contribution of 40k for this current taxt year to offset some corp tax...

I was told I could also pay in a further 2 previous years allowances and offset the additional 80k against the current years profits.

I have also been advised I cannot do this as I did not hold a pension in the previous two year that I could make contributions into (I have the old opted out of serps one but no contributions where allowed to that) ....

Does that all sound correct ?

thanks so much for any advice, much appreciated
og

[Contreras]

Hey all, great forum,

I am after some advice regarding pensions so please forgive me if it seems quite basic :-s

I have not held any pension whatsoever in the past.
I was goin to open a sipp can have the company that I own pay in a contribution of 40k for this current taxt year to offset some corp tax...

Assuming the company has the profit to do it.

I was told I could also pay in a further 2 previous years allowances and offset the additional 80k against the current years profits.

Nope. Because...

I have also been advised I cannot do this as I did not hold a pension in the previous two year that I could make contributions into (I have the old opted out of serps one but no contributions where allowed to that) ....

Exactly.

Does that all sound correct ?

Well as a sanity check, yes. But for a sum like that you really ought have had professional advice in light of the company's and your precise circumstances. The last thing you want is HMRC disallowing it after the fact.

[MarillionFan]

Assuming the company has the profit to do it.


Nope. Because...
Exactly.

Well as a sanity check, yes. But for a sum like that you really ought have had professional advice in light of the company's and your precise circumstances. The last thing you want is HMRC disallowing it after the fact.

But he heard right and you confirmed it. And now I'm agreeing with you.

No pension. No previous input.

[oldgitst]

Thanks for the advice, and in answer / clarification ...

Yes the profits are approx 300k nett, I have no pension so understand I can only use this tax years allowance, thank you for confirming that.
My wife has an old company pension from an old job many moons ago, we have contacted the pension company and they have confirmed she can and always has had the ability to make contributions into the pension.
So this would enable a company contribution into a sipp of 40k for myself for this tax year, and 50k 40k for previous on my wife's sipp plus this years allowance of a further 40k ....
Therefore 170k offset for the company in this tax year.
I do appreciate this is a forum and perhaps professional advice is appropriate and is something I will look further into, but can I ask if there are other criteria I also need to be aware of ?
Thank you again for any advice,
It is appreciated.
Og

[MarillionFan]

Thanks for the advice, and in answer / clarification ...

Yes the profits are approx 300k nett, I have no pension so understand I can only use this tax years allowance, thank you for confirming that.
My wife has an old company pension from an old job many moons ago, we have contacted the pension company and they have confirmed she can and always has had the ability to make contributions into the pension.
So this would enable a company contribution into a sipp of 40k for myself for this tax year, and 50k 40k for previous on my wife's sipp plus this years allowance of a further 40k ....
Therefore 170k offset for the company in this tax year.
I do appreciate this is a forum and perhaps professional advice is appropriate and is something I will look further into, but can I ask if there are other criteria I also need to be aware of ?
Thank you again for any advice,
It is appreciated.
Og

Yes. Depending on how you bleed your radiators further tax allowances may be possible.

[northernladuk]

Thanks for the advice, and in answer / clarification ...

Yes the profits are approx 300k nett, I have no pension so understand I can only use this tax years allowance, thank you for confirming that.
My wife has an old company pension from an old job many moons ago, we have contacted the pension company and they have confirmed she can and always has had the ability to make contributions into the pension.
So this would enable a company contribution into a sipp of 40k for myself for this tax year, and 50k 40k for previous on my wife's sipp plus this years allowance of a further 40k ....
Therefore 170k offset for the company in this tax year.
I do appreciate this is a forum and perhaps professional advice is appropriate and is something I will look further into, but can I ask if there are other criteria I also need to be aware of ?
Thank you again for any advice,
It is appreciated.
Og

Why are you asking about out how to manage 100s of K of your money on an internet forum? Why not go find a professional that actually cares?

At the very least you could have looked in General before posting...

[SueEllen]

oldgitst, do you like films on gladiators?

Do you bleed radiators?

[oldgitst]

Why are you asking about out how to manage 100s of K of your money on an internet forum? Why not go find a professional that actually cares?

At the very least you could have looked in General before posting...

Ok, I appreciate that and I'm trying to research all this now, I am trying to get what facts I can together and yes it's pointing towards taking professional advice BUT not being an accountant / or financial professional I didn't know it was as complicated as this in reference to pensions etc etc , I have tried to research parts but the Internet has so many contradictions I thought I would try a forum for some advice, good or bad. I wouldn't just base a decision on a forums advice but it doesn't hurt to listen to people and there views.
As for sueellens question about gladiator films and bleeding radiators.... I'm sorry I have no clue what you mean....
Thanks anyway for taking the time to post,
Cheers
Og

[SueEllen]

@oldgitst General is for banter - you are warned before entering this part of the forum. The stuff we post here covers Daily Mail stories, Nick Fritz Monday links and ripping the p*ss out of Suity.

The other parts of the forum are specifically for serious questions like the one you posted.

If you posted this here in the week you would have got more than just me enquiring about your preference for Gladiators and whether you bleed radiators....

[oldgitst]

Why are you asking about out how to manage 100s of K of your money on an internet forum? Why not go find a professional that actually cares?

At the very least you could have looked in General before posting...

Ok, I appreciate that and I'm trying to research all this now, I am trying to get what facts I can together and yes it's pointing towards taking professional advice BUT not being an accountant / or financial professional I didn't know it was as complicated as this in reference to pensions etc etc , I have tried to research parts but the Internet has so many contradictions I thought I would try a forum for some advice, good or bad. I wouldn't just base a decision on a forums advice but it doesn't hurt to listen to people and there views.
As for sueellens question about gladiator films and bleeding radiators.... I'm sorry I have no clue what you mean....
Thanks anyway for taking the time to post,
Cheers
Og