How do i go about getting a pension?

[Hyena]

Jockman said:

Sweet Jesus, it's actually in the first line if you understood it.

"The annual allowance is a limit on the amount that can be contributed to your pension each year, while still receiving tax relief. It's based on your earnings for the year and is capped at £40,000."

Precisely. What part of " It's based on your earnings for the year and is capped at £40,000" did you not understand?

[Hyena]

Jockman said:

Can you just re-iterate what the LTA is, according to that article? £1.25m it says.

I am not referring to the LTA, cockwomble.

As you are aware, that has since been reduced to £1m. Which changes nothing in relation to the annual allowance.

[Jockman]

Hyena said:

Jockman said:

Sweet Jesus, it's actually in the first line if you understood it.

"The annual allowance is a limit on the amount that can be contributed to your pension each year, while still receiving tax relief. It's based on your earnings for the year and is capped at £40,000."

Precisely. What part of " It's based on your earnings for the year and is capped at £40,000" did you not understand?

The bit that says..." while still receiving tax relief"....would be the obvious answer.

The cap is on the eligibility of tax relief, not on contributions.

You're pulling my leg now, aren't you?

[Jockman]

Hyena said:

Jockman said:

Can you just re-iterate what the LTA is, according to that article? £1.25m it says.

I am not referring to the LTA, cockwomble.

As you are aware, that has since been reduced to £1m. Which changes nothing in relation to the annual allowance.

Oh, lovely.

My reference is to the age of an article you are using to substantiate a point against another poster.

Was it the first one you googled?

[Hyena]

Jockman said:

Hyena said:

Jockman said:

Good attempt. Be careful not to confuse Employee with Director (Office Holder).

This can have NMW implications.

Remember there is NO limit to how much can be put into a pension - subject to any earnings rules if applicable. The £40k limit is for tax relief ie no more relief above this level.

Edited by Jockman on Friday 14th July 09:43

More misunderstandings. It is not just a case of no tax relief being available if you exceed the annual allowance. You are also subject to an an annual allowance charge.

Correct. You would need to decide if it was worth doing.

The fact remains there is no cap as such on contributions in this scenario.

Hyena said:

The maximum annual contribution allowed is 100% of annual salary, capped at 40K. Same applies to using carry forward. You cannot just chuck in £120K regardless.

This is patently wrong.

This is patently correct:

"Although you can invest as much as you like into a pension the amount that you invest must not exceed your company’s income for the year as this could raise questions from HM Revenue and Customs as to whether the amount has actually come from your company’s activities."

http://www.sjdaccountancy.com/about/resources/cont...

[Jockman]

Hyena said:

This is patently correct:

"Although you can invest as much as you like into a pension the amount that you invest must not exceed your company’s income for the year as this could raise questions from HM Revenue and Customs as to whether the amount has actually come from your company’s activities."

http://www.sjdaccountancy.com/about/resources/cont...

Correct. And what was OP's company income for the year?

[Hyena]

Jockman said:

Oh, lovely.

My reference is to the age of an article you are using to substantiate a point against another poster.

Was it the first one you googled?

As the reference in the article regarding the annual allowance is still current, the age of the article is irrelevant.

Pillock.

[Jockman]

Hyena said:

Jockman said:

Oh, lovely.

My reference is to the age of an article you are using to substantiate a point against another poster.

Was it the first one you googled?

As the reference in the article regarding the annual allowance is still current, the age of the article is irrelevant.

Pillock.

You seem incapable of engaging with people on a mature level.

You seem to have appeared around the same time as drainbrain started calling other people 'hyenas'. Are you his alter ego?

[Hyena]

Jockman said:

Hyena said:

This is patently correct:

"Although you can invest as much as you like into a pension the amount that you invest must not exceed your company’s income for the year as this could raise questions from HM Revenue and Customs as to whether the amount has actually come from your company’s activities."

http://www.sjdaccountancy.com/about/resources/cont...

Correct.

Finally. We are getting somwhwere.

[Jockman]

Hyena said:

Jockman said:

Hyena said:

This is patently correct:

"Although you can invest as much as you like into a pension the amount that you invest must not exceed your company’s income for the year as this could raise questions from HM Revenue and Customs as to whether the amount has actually come from your company’s activities."

http://www.sjdaccountancy.com/about/resources/cont...

Correct.

Finally. We are getting somwhwere.

You need to edit a post to make a point?

I'll ask again.....What was OP's company revenue?

[Hyena]

Jockman said:

You seem incapable of engaging with people on a mature level.

You seem to have appeared around the same time as drainbrain started calling other people 'hyenas'. Are you his alter ego?

Not engaging at a mature level? I assume that is code for "I appreciate you have mugged me right off, so I am going to resort to ad hominen"

As for braindead, lol, he thinks he "inspired" me. In fact he just amuses me. Slightly.

[Hyena]

Jockman said:

I'll ask again.....What was OP's company revenue?

You tell me, Jock genius

[Jockman]

Hyena said:

Jockman said:

I'll ask again.....What was OP's company revenue?

You tell me, Jock genius

It's in the original post.........

Third insult now. Splendid.

[essayer]

16A ovens can't be wired into a socket.

[Hyena]

Jockman said:

Hyena said:

Jockman said:

I'll ask again.....What was OP's company revenue?

You tell me, Jock genius

It's in the original post.........

Third insult now. Splendid.

What, this original post?

"Im 27, self employed (via ltd company). I have 0 pension, I've previously not done anything just incase i drop dead before pension age!!

However now I am edging further towards middle aged frown i realise this is not the wisest policy, incase i survive.....


So how does one go about sorting a pension?

I assume i can do this via my company with pre-tax contributions?

Do i need to get my accountant to sort this? or are there companies that sort this out?

Anyone any advice? I have absolutely no clue how pensions work.

Cheers"

Muppet.

4th insult

[Jockman]

Hyena said:

Jockman said:

Hyena said:

Jockman said:

I'll ask again.....What was OP's company revenue?

You tell me, Jock genius

It's in the original post.........

Third insult now. Splendid.

What, this original post?

"Im 27, self employed (via ltd company). I have 0 pension, I've previously not done anything just incase i drop dead before pension age!!

However now I am edging further towards middle aged frown i realise this is not the wisest policy, incase i survive.....


So how does one go about sorting a pension?

I assume i can do this via my company with pre-tax contributions?

Do i need to get my accountant to sort this? or are there companies that sort this out?

Anyone any advice? I have absolutely no clue how pensions work.

Cheers"

Muppet.

4th insult

Wonderful.

So best let OP decide if he has the ability to do this before telling him he cannot, based on absolutely zero information.

We got there in the end....

[Hyena]

Jockman said:

Wonderful.

So best let OP decide if he has the ability to do this before telling him he cannot, based on absolutely zero information.

We got there in the end....

LMAO ! You have just made my point for me, Jock old chap. The tools on this thread who were authoritatively telling the OP he could wack in 120K no questions asked, regardless, where doing so in total ignorance of his circumstances. The purpose of my advice was to caution him that it wasn't clear cut. Because no one knew if he earned > 40K or not. Duh!

We really did get there in the end. Jock.

[trickywoo]

Hyena said:

LMAO ! You have just made my point for me, Jock old chap. The tools on this thread who were authoritatively telling the OP he could wack in 120K no questions asked, regardless, where doing so in total ignorance of his circumstances. The purpose of my advice was to caution him that it wasn't clear cut. Because no one knew if he earned > 40K or not. Duh!

We really did get there in the end. Jock.

You still don't get it do you?

He doesn't need to earn £40k for the company to put in £40k.

You probably won't be able to read and comprehend this but have a go http://www.kirkrice.co.uk/blog/company-director-pe...

Edited by trickywoo on Friday 14th July 13:39

[Hyena]

trickywoo said:

You still don't get it do you?

He doesn't need to earn £40k for the company to put in £40k.

You probably won't be able to read and comprehand this but have a go http://www.kirkrice.co.uk/blog/company-director-pe...

Lol, are you still flogging a dead donkey, dickywoo old chap?

Could you get me one of them special ISAs of yours, that you can put INSIDE a wrapper?

[trickywoo]

Hyena said:

Lol, are you still flogging a dead donkey, dickywoo old chap?

Could you get me one of them special ISAs of yours, that you can put INSIDE a wrapper?

As an old hand I sincerly hope you don't stay long newbie as you are a throughly unpleasant person who has clashed with a number of other people who are being helpful and thoughtful by throwing poor insults and being generally obnoxious.

I really don't understand why you are denying that the company of a sole director limited in the UK can put in £40k a year pension contributions for the director regardelss of the directors PAYE income and also use three years worth of unused allowance. Its a fact.

I don't like posting links to support arguments but the link in my earlier post from a firm of accountants says exactly this in words I thought you might understand, but sadly not.

Why don't you do everyone a favour and just go away?