Pension allowance for previous years.

[pscont]

Say this LTD tax year you got £130 000 in revenue GROSS.
If you want to put £40 000 in SIPP, and have 10 000 expenses you end up with £80 000 to be taxed at 19% corp tax.

I know the rule is you can put pension contributions for the last 3 years, so does that mean if you put another £80 000 towards pension (to maximize the allowances per year) you will and up with £0 to be taxed in the current tax year?

[northernladuk]

I thought you were PAYE only?

Are you running some kind of service for your mates or something?

Back payments in to pensions has been covered extensively on here.

Try searching the forums using the Google method

(keyword) site:forums.contractoruk.com

Plenty of threads on this clearly explaining what you can and can't do.

[Alchemy Accountancy]

Say this LTD tax year you got £130 000 in revenue GROSS.
If you want to put £40 000 in SIPP, and have 10 000 expenses you end up with £80 000 to be taxed at 19% corp tax.

I know the rule is you can put pension contributions for the last 3 years, so does that mean if you put another £80 000 towards pension (to maximize the allowances per year) you will and up with £0 to be taxed in the current tax year?

In theory that is correct, though there are a few nuances that you need to consider also, such as:

• The £40k is per pension input period, which is not necessarily the same as the company year.
• If you earn over £150k, then the amount that you can put into a pension begins to be reduced.
• You must have had a pension in existence for the years allowances that you wish to use up.

I wouldn't advise doing this without speaking to your accountant about your specific circumstances first.

[pscont]

In theory that is correct, though there are a few nuances that you need to consider also, such as:

• The £40k is per pension input period, which is not necessarily the same as the company year.
• If you earn over £150k, then the amount that you can put into a pension begins to be reduced.
• You must have had a pension in existence for the years allowances that you wish to use up.

I wouldn't advise doing this without speaking to your accountant about your specific circumstances first.

When is pension input period? Is it tax year apr-apr?
SIPP is one year old, but with almost nothing in it. Does this mean I can not put 3 years worth of contributions in it now?

[pscont]

NLUK, I can not read you when logged in, 'cause you are ignored. Unfortunately when not logged in I can see your mouth fart.
Would you avoid my topics if not too much of an inconvenience for you? Thanks.
I dont give a fook what do you think of me/my situation/my plans etc and what conspiracy theories you believe in.

[Alchemy Accountancy]

When is pension input period? Is it tax year apr-apr?
SIPP is one year old, but with almost nothing in it. Does this mean I can not put 3 years worth of contributions in it now?

The pension input period is the same as the personal tax year and runs from 6th April to 5th April each year. Your accounting period may or may not be aligned to this.

My understanding is that you don't necessarily need to be a member of the same pension scheme that you are contributing to, but you need to have been a member of a registered pension scheme in the year that you wish to utilise.

[Lance]

NLUK, I can not read you when logged in, 'cause you are ignored. Unfortunately when not logged in I can see your mouth fart.
Would you avoid my topics if not too much of an inconvenience for you? Thanks.
I dont give a fook what do you think of me/my situation/my plans etc and what conspiracy theories you believe in.

if NLUK posts and everyone has ignored him, does he make any sound at all?

/philosophy

[BR14]

NLUK, I can not read you when logged in, 'cause you are ignored. Unfortunately when not logged in I can see your mouth fart.
Would you avoid my topics if not too much of an inconvenience for you? Thanks.
I dont give a fook what do you think of me/my situation/my plans etc and what conspiracy theories you believe in.

Once again, i won't advise you, because you really are a rude, obnoxious dick.

[northernladuk]

If you don't want to listen to me maybe you should actually listen to the other people giving advice...

•You must have had a pension in existence for the years allowances that you wish to use up.

SIPP is one year old, but with almost nothing in it. Does this mean I can not put 3 years worth of contributions in it now?

The search I offered up would have brought this thread up first which would have answered your question. There are a lot more.

https://www.contractoruk.com/forums/...count-all.html

There are also some useful posts about pensions creating losses which might be your next question. Either way you learn something.

Your situation and plans are important as they may impact the question you are asking. The questions you ask are also very short and always missing key information such as 'How long have you had your SIPP' which leads to a long convoluted thread when it could have been very simple.

HTH..

Can someone quote this so the OP can see it. Ta.

[Lance]

If you don't want to listen to me maybe you should actually listen to the other people giving advice...







The search I offered up would have brought this thread up first which would have answered your question. There are a lot more.

https://www.contractoruk.com/forums/...count-all.html

There are also some useful posts about pensions creating losses which might be your next question. Either way you learn something.

Your situation and plans are important as they may impact the question you are asking. The questions you ask are also very short and always missing key information such as 'How long have you had your SIPP' which leads to a long convoluted thread when it could have been very simple.

HTH..

Can someone quote this so the OP can see it. Ta.

hahahaha.