SIPP & Pension guidance - IM Private Clients
Discussion
PM3 said:
Here is where I started and claimed back tax . https://www.gov.uk/claim-tax-refund
......( held up a little because HMRC were missing some information of 83p paid as interest on some account I thought was dead . Yeh really!
You might want to find that account, it's probably got a small fortune sat in it to earn 83p these days ......( held up a little because HMRC were missing some information of 83p paid as interest on some account I thought was dead . Yeh really!
Mr Pointy said:
PM3 said:
Here is where I started and claimed back tax . https://www.gov.uk/claim-tax-refund
Thanks for that, I was wondering how to go about it.Over the years I seem to have ended up with three Government Gateway IDs though...
leef44 said:
Mr Pointy said:
PM3 said:
Here is where I started and claimed back tax . https://www.gov.uk/claim-tax-refund
Thanks for that, I was wondering how to go about it.Over the years I seem to have ended up with three Government Gateway IDs though...
I’m planning on setting up the first pension at the age of 35 through a limited company as the director. I’ve not had much advice so far but knowledge of others is key. I am looking to find some guidance in the best route and meanwhile best tax efficient way. I will also be taking on PAYE employee in the next 6 months who may also need/opt for pension assuming they will want full time work.
Any recommendations and help to get kick started on this route would be greatly appreciated
Any recommendations and help to get kick started on this route would be greatly appreciated
ian74947 said:
I’m planning on setting up the first pension at the age of 35 through a limited company as the director. I’ve not had much advice so far but knowledge of others is key. I am looking to find some guidance in the best route and meanwhile best tax efficient way. I will also be taking on PAYE employee in the next 6 months who may also need/opt for pension assuming they will want full time work.
Any recommendations and help to get kick started on this route would be greatly appreciated
Ian this is your first post. Nearly 14 years in the making…….well done !!Any recommendations and help to get kick started on this route would be greatly appreciated
Just ask your Accountant or the guys at IM to set up a SIPP for you and then start dripping in your company contributions. Relief at Corp tax rates and no link to earnings. Normal allowances apply.
Do the same for your Employee if you like.
Just on hold with HMRC at the moment about getting my tax relief sorted, contributed all sorts of odd amounts into my IM SIPP over the last year due to various reasons but I've settled on an amount going forward and will amend that to include any future pay rises. I'm hoping I can register so that I can claim back relief on the contributions for last year but presumably they are going to want to see proof of those, is there a nice easy way to show all the contributions made in the last year from the client dashboard or a PDF I can generate to send off as proof? I can see all the EEDD contributions on the dashboard but they're spread over 12 or so pages.
Edit: Scrap that, bar the long time spent on hold, it was actually pretty easy to sort out over the phone, new tax code added and a tax rebate for the contributions made last year. Here's hoping come the annual pay review I can repeat the process and increase the contributions then watch the money roll in. I'll leave it up to you guys at IM to ensure the growth rate continues to exceed expectations...
Edit: Scrap that, bar the long time spent on hold, it was actually pretty easy to sort out over the phone, new tax code added and a tax rebate for the contributions made last year. Here's hoping come the annual pay review I can repeat the process and increase the contributions then watch the money roll in. I'll leave it up to you guys at IM to ensure the growth rate continues to exceed expectations...
Edited by Stevil on Thursday 13th May 12:43
I've just been asked by HMRC to provide proof of the contributions I've made for my additional tax rebate claim.
I did point out that they surely already know how much I've contributed as they've provided the basic rate rebate back straight into my pension.
It fell on deaf ears though - I guess it's just how it works - so looks like I need to get copies of the proofs and post them in.
I did point out that they surely already know how much I've contributed as they've provided the basic rate rebate back straight into my pension.
It fell on deaf ears though - I guess it's just how it works - so looks like I need to get copies of the proofs and post them in.
Edited by PorkInsider on Wednesday 19th May 11:24
I'm trying to calculate the maximum my wife can pay into her SIPP and still get tax relief.
My wife is a member of the LGPS (career average) pension and is currently contributing around 6.5% from her gross pay (not via salary sacrifice). This will result in an annual pension and small lump sum.
She earns less than Annual Allowance figure figure of £40,000 per year.
Is it the lesser of:
- 93.5% of annual earnings ie. 100% less the 6.5% LGPS contribution
- £40,000 less the difference in accrued in lump sum compared to last year plus 16x the increase in the accrued annual pension compared to last year
Thanks
My wife is a member of the LGPS (career average) pension and is currently contributing around 6.5% from her gross pay (not via salary sacrifice). This will result in an annual pension and small lump sum.
She earns less than Annual Allowance figure figure of £40,000 per year.
Is it the lesser of:
- 93.5% of annual earnings ie. 100% less the 6.5% LGPS contribution
- £40,000 less the difference in accrued in lump sum compared to last year plus 16x the increase in the accrued annual pension compared to last year
Thanks
LeoSayer said:
I'm trying to calculate the maximum my wife can pay into her SIPP and still get tax relief.
My wife is a member of the LGPS (career average) pension and is currently contributing around 6.5% from her gross pay (not via salary sacrifice). This will result in an annual pension and small lump sum.
She earns less than Annual Allowance figure figure of £40,000 per year.
Is it the lesser of:
- 93.5% of annual earnings ie. 100% less the 6.5% LGPS contribution
- £40,000 less the difference in accrued in lump sum compared to last year plus 16x the increase in the accrued annual pension compared to last year
Thanks
Hi LeoSayerMy wife is a member of the LGPS (career average) pension and is currently contributing around 6.5% from her gross pay (not via salary sacrifice). This will result in an annual pension and small lump sum.
She earns less than Annual Allowance figure figure of £40,000 per year.
Is it the lesser of:
- 93.5% of annual earnings ie. 100% less the 6.5% LGPS contribution
- £40,000 less the difference in accrued in lump sum compared to last year plus 16x the increase in the accrued annual pension compared to last year
Thanks
It is a combination of the two!
The contributions amount for the LGPS is calculated by taking the increase in pension pension benefit for the tax year in question x16
plus any increase in lump sum benefit for that tax year.
You then subtract this figure from her earnings for this year and that its the max contribution for this tax year.
You can then "carry forward" unused contributions from the previous 3 years.
For each of those years you calculate the LGPS contribution in the same way, using the increase in pension and lump sum for the appropriate year but you then subtract this from £40k irrespective of her earnings in those years.
Hope this is clear enough but feel free to drop me a message at nik.burrows@intelligentmoney.com if you need any additional info or help with the calculation.
Cheers
Nik
I contribute to my SIPP via salary sacrifice through an umbrella payroll (I'm a contractor).
I plan to contribute £90k this tax year, £40k allowance this year, plus £30k and £20k carry over.
Given I can have multiple SIPP providers, none of which know my overall situatuon, who checks I'm sticking to the allowances?
I plan to contribute £90k this tax year, £40k allowance this year, plus £30k and £20k carry over.
Given I can have multiple SIPP providers, none of which know my overall situatuon, who checks I'm sticking to the allowances?
Llandudno said:
I contribute to my SIPP via salary sacrifice through an umbrella payroll (I'm a contractor).
I plan to contribute £90k this tax year, £40k allowance this year, plus £30k and £20k carry over.
Given I can have multiple SIPP providers, none of which know my overall situatuon, who checks I'm sticking to the allowances?
Maybe HMRC when you submit your tax return?I plan to contribute £90k this tax year, £40k allowance this year, plus £30k and £20k carry over.
Given I can have multiple SIPP providers, none of which know my overall situatuon, who checks I'm sticking to the allowances?
Llandudno said:
I contribute to my SIPP via salary sacrifice through an umbrella payroll (I'm a contractor).
I plan to contribute £90k this tax year, £40k allowance this year, plus £30k and £20k carry over.
Given I can have multiple SIPP providers, none of which know my overall situatuon, who checks I'm sticking to the allowances?
Good afternoon I plan to contribute £90k this tax year, £40k allowance this year, plus £30k and £20k carry over.
Given I can have multiple SIPP providers, none of which know my overall situatuon, who checks I'm sticking to the allowances?
I am doing some research and I will come back to you. I just want to make sure I've checked a few things first.
Kindest regards
Coops
CoopsIM said:
Llandudno said:
I contribute to my SIPP via salary sacrifice through an umbrella payroll (I'm a contractor).
I plan to contribute £90k this tax year, £40k allowance this year, plus £30k and £20k carry over.
Given I can have multiple SIPP providers, none of which know my overall situatuon, who checks I'm sticking to the allowances?
Good afternoon I plan to contribute £90k this tax year, £40k allowance this year, plus £30k and £20k carry over.
Given I can have multiple SIPP providers, none of which know my overall situatuon, who checks I'm sticking to the allowances?
I am doing some research and I will come back to you. I just want to make sure I've checked a few things first.
Kindest regards
Coops
HMRC will also be aware of the tax reclaimed or contributions offset as business expenses so can always run that as a final catch point
If you need anything further, please let me know
Kindest regards
Coops
Mr Pointy said:
Llandudno said:
I contribute to my SIPP via salary sacrifice through an umbrella payroll (I'm a contractor).
I plan to contribute £90k this tax year, £40k allowance this year, plus £30k and £20k carry over.
Given I can have multiple SIPP providers, none of which know my overall situatuon, who checks I'm sticking to the allowances?
Maybe HMRC when you submit your tax return?I plan to contribute £90k this tax year, £40k allowance this year, plus £30k and £20k carry over.
Given I can have multiple SIPP providers, none of which know my overall situatuon, who checks I'm sticking to the allowances?
CoopsIM said:
CoopsIM said:
Llandudno said:
I contribute to my SIPP via salary sacrifice through an umbrella payroll (I'm a contractor).
I plan to contribute £90k this tax year, £40k allowance this year, plus £30k and £20k carry over.
Given I can have multiple SIPP providers, none of which know my overall situatuon, who checks I'm sticking to the allowances?
Good afternoon I plan to contribute £90k this tax year, £40k allowance this year, plus £30k and £20k carry over.
Given I can have multiple SIPP providers, none of which know my overall situatuon, who checks I'm sticking to the allowances?
I am doing some research and I will come back to you. I just want to make sure I've checked a few things first.
Kindest regards
Coops
HMRC will also be aware of the tax reclaimed or contributions offset as business expenses so can always run that as a final catch point
If you need anything further, please let me know
Kindest regards
Coops
I'm not planning on contributing more than I'm entitled, so looks like I'll have to keep my own papertrail in case anybody checks.
Llandudno said:
Thanks Coops. Interesting that there is no systemic check by HMRC. With salary sacrifice there is no tax reclaimed for them to check of course.
I'm not planning on contributing more than I'm entitled, so looks like I'll have to keep my own papertrail in case anybody checks.
No problem at all. If you need anymore information, drop me an email at steve.cooper@intelligentmentmoney.com and I'll be more than happy to look into it for you. I'm not planning on contributing more than I'm entitled, so looks like I'll have to keep my own papertrail in case anybody checks.
Kindest regards
Coops
Potential daft question here please lads........
I am doing a bit of budgeting for the future, specifically retirement, and I am trying to work out what my state pension is likely to be. Now I have logged onto Government Gateway and my forecast is £179.60 per week (assuming I contribute for another 2 years), I understand this is the maximum. Now my question is what about the Additional State Pension or SERPS and if I am likely to get it. I can't seem to find any way of checking for sure other than waiting and seeing.
A bit of background:
Employed full time for the last 25 years, no gaps.
Only had a private pension for the last 8 years.
Never knowingly opted out.
Can anybody offer and help please?
Thanks
I am doing a bit of budgeting for the future, specifically retirement, and I am trying to work out what my state pension is likely to be. Now I have logged onto Government Gateway and my forecast is £179.60 per week (assuming I contribute for another 2 years), I understand this is the maximum. Now my question is what about the Additional State Pension or SERPS and if I am likely to get it. I can't seem to find any way of checking for sure other than waiting and seeing.
A bit of background:
Employed full time for the last 25 years, no gaps.
Only had a private pension for the last 8 years.
Never knowingly opted out.
Can anybody offer and help please?
Thanks
I was opted out and it states that on my pension forecast - I guess if you weren't opted out then it doesn't show.
I guess you could call them up - here's some reading if you can't be arsed spending 2 days on the phone
https://www.gov.uk/government/publications/state-p...
I guess you could call them up - here's some reading if you can't be arsed spending 2 days on the phone
https://www.gov.uk/government/publications/state-p...
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